Bitcoin’s recent price action mirrors the symbolism of India’s Mahakumbh 2025 festival, where devotees take a holy dip in the sacred Ganges, an event that occurs after several years. Similarly, Bitcoin took its own “holy dip” below 90K, only to rebound with renewed strength, reaching highs near 98K, perfectly in line with our previous analysis.
In our last idea, "Bitcoin's brutal blunder or bounce – 90 to 98K what next?", we anticipated this sharp bounce from the 90K level to target 98K, and it played out just as expected.
What happened since the last update
-
The holy dip and rebound:
-
Bitcoin sharply dropped below the psychological 90K level, hitting lows of 89,294 in the evening session yesterday.
-
It then staged an impressive recovery, traveling 7,000–8,000 points to touch close by 98K, aligning perfectly with the Piercing Candlestick pattern observed on the 4-hour chart, which hinted at a potential reversal as discussed.
-
-
Symbolism with mahakumbh and makar sankranti:
-
The timing of this move coincides with India’s Makar Sankranti, a festival marking the Sun's transition into Capricorn. Historically, this period is considered optimistic for Indian equities, which also rebounded after a long downfall of 26 Day Session topping out last on 5th Dec 2024.
-
Bitcoin’s move reflects this optimism, suggesting market sentiment is aligned with auspicious beginnings, similar to the spiritual significance of Mahakumbh 2025.
-
-
Resistance at 98k:
-
Bitcoin faces natural resistance near 98K, with a possible sideways phase ahead before attempting a breakout towards 100K- The most important level.
-
Key levels to watch
-
Resistance zones:
-
98,000–100,000: Immediate resistance. Crossing 100K will be a psychological breakthrough and requires fresh analysis for higher targets.
-
-
Support zones:
-
90,000–91,000: Critical support zone; holding this level will keep the bullish momentum alive.
-
-
Consolidation likely:
-
Bitcoin may range between 90K–98K in the short term before making a decisive move & near term resistance above 98K to be 100K level to be noted.
-
Candlestick pattern
-
Piercing candlestick on the 4-hour chart:
This classic bullish reversal candlestick pattern was the key driver of the bounce. It reflects a strong buying sentiment, confirming the 90K level as a critical support level.
Spotting a Piercing Candlestick Pattern? was a sign of a potential rebound unfolded in late evening session yesterday, with buyers stepping in after a sharp drop as discussed.
What a bounce from 90 to 98K approx (Target reached).
What’s next for Bitcoin?
-
Scenario 1 – Break above 98K:
-
A breakout beyond 98K will likely target the psychological 100K mark. Anything above 100K will require a new wave analysis to determine the next targets.
-
-
Scenario 2 – Sideways movement:
-
If Bitcoin holds below 98K, it would be sideways & choppy session for next few days with immediate support zone between 93 to 95K setting the stage for a larger move in either direction later.
-
-
Scenario 3 – Drop below 90K:
-
A drop below 90K would could trigger downside move towards 85K or even 75K to be reviewed later.
-
Conclusion
Bitcoin’s recovery from 89,294 to 98K approx demonstrates its resilience, much like the symbolic cleansing and renewal during the Mahakumbh’s holy dip. Consolidation between 90K–98K seems likely in the short term, but a breakout above 100K could redefine the bullish narrative. Traders should stay alert to market signals and adjust their strategies accordingly.
The information provided by WaveTalks is for educational and informational purposes only. We are not responsible for any investment decisions made based on our analysis. Trading and investing involve substantial risk, and you should consult your financial advisor before making any investment decisions.
Recommended Content
Editors’ Picks
XRP sustains bullish momentum despite SEC's appeal against Ripple
XRP continued trading above the $3 mark on Thursday as investors stepped on the accumulation gear following rumors of Donald Trump considering its addition to a US digital asset reserve.
Upbit crypto exchange faces suspension in South Korea over alleged KYC violations
Cryptocurrencies aggregate market capitalization consolidated at $3.5 trillion on Thursday rising by $152 billion within the last 24 hours. Altcoin markets rose by 9%.
Binance bulls target $750 as Trump drives crypto trading volumes to a record high
BNB price crossed the $715 on Thursday as traders continued to take strategic speculative positions ahead of the US Presidential inauguration slated for January 20.
Ethereum Price Forecast: Staking could spark ETH rally in 2025 as PostFinance launch stirs bullish sentiment
Ethereum experienced a 3% decline on Thursday despite growing excitement over the launch of ETH staking services by PostFinance AG. Investors are optimistic that this development may lead to the approval of staking in Ethereum ETFs.
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration
Bitcoin’s (BTC) price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.