Bitcoin Price Prediction: Analyst Says $340,000 Is Possible If Bulls Hold This Zone

Bitcoin (BTC) is in a correction, trading at $103,993 after a 0.18% drop in the last 24 hours. Despite the recent high of $111,970, can Bitcoin regain momentum? Crypto analyst PlanD thinks so, but only if it holds a key support zone.

PlanD says BTC could reach $340,000 if it holds above the $91,000-$100,000 range. His theory is based on a 3-year cup-and-handle formation—a classic bullish pattern where there’s a period of consolidation followed by a breakout.

The collapse from $69,000 in 2021 to stabilization in March 2024 is the “cup,” and the recent consolidation below $112,000 is the “handle”.

Bitcoin Chart Structure Supports a Bullish Reversal

The current price action is a descending channel with lower highs and lows, typical of a consolidation phase. Key resistance is at the 50-period EMA near $105,292, which has been capping recent rallies.

Fibonacci levels indicate critical zones—BTC is testing support at the 0.236 retracement level ($104,514), with a risk of dipping to $103,149 or lower if sellers regain control.

Candlestick signals, including spinning tops and shooting stars, indicate market indecision. The MACD histogram is negative, but the signal lines are converging, which may suggest that a potential reversal is approaching. The RSI is below 40, indicating a mildly oversold condition but not yet a clear reversal.

What to Watch

For bullish momentum to return, Bitcoin needs to break above the descending channel and close above $105,292, ideally with strong candlestick formations, such as engulfing patterns or three white soldiers. This could lead to $106,719-$107,682, followed by a larger rally.

Key levels to watch:

• Support: $104,514, $103,149, $102,141
• Resistance: $105,292, $106,040, $107,682

If Bitcoin holds above $91,000-$100,000, it could be the start of the move to $340,000 by 2025, according to PlanD. But if not, deeper corrections. With a $2 trillion market cap and 24-hour trading volume over $40 billion, volatility is key. Be nimble and watch for breakouts or breakdowns from this range.

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