In the latest episode of “Cryptocurrency: The Soap Opera,” the price of Bitcoin has risen and briefly soared above the $110,000 mark before falling back down. This indicates a steady increase in participation as crypto investors are once again placing their bets. While the market welcomed this growth, crypto analyst Xanrox called it a bearish development.
The analysis focuses on the rising trend of Bitcoin’s price, which reached the $110,000 mark. However, Xanrox notes that instead of a full breakthrough, the digital asset failed to continue its upward trend even after exiting the downward channel. Considering this, Xanrox explains that this is a false breakout pattern, or what is commonly known in the crypto community as a “bull trap.”
The beauty of bull traps is that they ultimately have a bearish character. So, although the price of Bitcoin seems to be in an upward trend, if Xanrox is correct, this means that the cryptocurrency will soon face a decline, leading to a sharp drop in prices.
Moreover, the analyst explains that the upward trend of last week now holds “bulls” in long positions, while “bears” will require liquidity in the form of orders and stop-losses. Thus, to capture this liquidity, bears will need to drive the price down, and the most likely culprit for this is the Fibonacci correction at 0.618 of the previous impulse wave just below $103,000.
Expert Predicts the Most Profitable Price to Enter BTC
To understand where the price of Bitcoin might go next, the crypto analyst applies Elliott Wave Theory. He explains that Wave 1 is already complete, which means that we are now in the bearish Wave 2, which represents a correction of ABC.
As this correction forms, the analyst advises investors to wait before opening a long position. The Fibonacci correction level of 0.618 is at $102,909, making this time the best for entering the digital asset. Xanrox also points out that there is an unfilled fair value gap (FVG) between $102,000 and $104,000, which is expected to quickly fill during this time.
However, despite the expected correction, the overall trend for the price of Bitcoin remains bullish according to Elliott Wave Theory. If Wave 2 plays out fully, Wave 3 is expected to begin, which is usually a more bullish movement than Wave 1 and could send BTC to new all-time highs.
Bitcoin price failed to retest $109,000 | Source: BTCUSD on TradingView.com
Bitcoin Hyper Raises $2.1 Million for Scaling BTC: What’s Next?
One of the most interesting pre-sales of the summer of 2025 was the Bitcoin Hyper (HYPER) project, an ERC-20 cryptocurrency that has now raised over $2.1 million during its ICO.
Bitcoin Hyper is currently in the development stage of its own second-level network for Bitcoin, which explains why so many investors are eager to join its pre-sale. As an L2 network, Bitcoin Hyper will provide significantly lower transaction fees and much higher throughput than Bitcoin itself.
A convenient bridge will be provided for transitioning to and from the main chain, with BTC deposits being converted to ERC equivalents for use in the Bitcoin Hyper network. It will be compatible with the Solana Virtual Machine (SVM), ensuring high performance.
The HYPER token will be required to pay transaction fees, and its holders will also be able to earn passively through staking.
Join the pre-sale now, while the token price is only $0.0122: visit Bitcoin Hyper (HYPER) and stay updated on the latest developments.
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2025-07-10 09:24