Bitcoin has shown high volatility in recent weeks, leading to sharp price drops and weakening bullish sentiment. In this uncertain market, an analyst known as PlanD on X predicts a potential parabolic rally, but it depends on holding a key support level.
On November 15, PlanD highlighted a bullish pattern on the Bitcoin chart, noting that the price has formed a symmetrical expanding triangle over the past four months. After recent declines, Bitcoin is now testing the lower edge of this pattern at $94,500, a critical juncture.
If this support level fails, PlanD warns of a deeper correction to around $72,000–$73,000, which would mean a 24% drop from current levels. Conversely, if the price stays above $94,500, he expects a rebound toward $131,000, the upper resistance of the triangle. A strong breakout with high trading volume could even push Bitcoin to $174,000, an 83% increase from today’s price.
For a rally to materialize, PlanD points to several factors. One is the expectation of further interest rate cuts by the U.S. Federal Reserve, especially after recent data showing a weaker job market. Lower rates could make capital more accessible and boost interest in riskier assets like Bitcoin.
Another factor is inflows into Bitcoin Spot ETFs, which have seen net outflows of $2.33 billion in November alone. A quick turnaround here is seen as necessary for a bullish rebound.
Lastly, PlanD cites improving regulatory clarity in the U.S. as a potential catalyst that could drive demand and prices higher in the coming weeks.
As of now, Bitcoin is trading at $95,874, down 0.46% over the past day.
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about the prediction that Bitcoin could reach 174000
Frequently Asked Questions
Understanding the Prediction
Q1 Who is predicting that Bitcoin could reach 174000
A1 This specific prediction is often associated with financial analysts or firms that use technical analysis to forecast price movements Its important to check the source to understand their track record
Q2 What is the key support level they are talking about
A2 A support level is a specific price point where buying interest is historically strong enough to prevent the price from falling further If Bitcoins price stays above this level its seen as a bullish signal
Q3 Is this prediction a guarantee
A3 No absolutely not Price predictions especially for a volatile asset like Bitcoin are educated guesses based on current data and historical patterns They are not financial guarantees
For Beginners
Q4 What is Bitcoin in simple terms
A4 Bitcoin is a digital currency that operates on a decentralized network meaning its not controlled by any bank or government You can use it for transactions or hold it as a potential investment
Q5 Why would Bitcoins price go up so high
A5 Analysts suggest it could rise due to factors like increased adoption by institutions its limited supply and if it continues to be seen as a hedge against inflation
Q6 How can I check Bitcoins current price and the support level
A6 You can use popular financial websites or cryptocurrency exchanges like Coinbase Binance or CoinMarketCap These platforms show live prices and often have charting tools to identify support levels
Risks and Considerations
Q7 What happens if the key support level doesnt hold
A7 If the price breaks below the key support level it could signal a trend reversal potentially leading to a significant price drop as selloffs may accelerate
Q8 What are the main risks of investing based on this prediction
A8 The main risks include extreme price volatility regulatory changes market manipulation and the possibility that the prediction is simply wrong