Bitcoin went down when oil prices went up quickly. Oil rose around 19% in a short time and reached $77 per barrel. At the same time, Bitcoin fell from $110,200 to $102,800. This move is not new. It has happened before. In the past, when oil goes up quickly, Bitcoin goes down first. But after some time, Bitcoin goes up again. This is why some experts predict Bitcoin may rise again soon. This has caused big price jumps before.
Past Moves Show a Clear Pattern
This has happened many times before. Oil went up from $72 to $80 in January 2025. Bitcoin dropped to $89,300, but in 8 days it jumped to $109,300. That rise was 22%. Oil rose again in October 2024. Bitcoin went down to $58,900.
Then it jumped to $68,960. That was a 17% rise. These moves show a pattern. If Bitcoin dips when oil jumps. Then Bitcoin goes back up in the next week. That is why now some people expect the price to rise again.
Can Bitcoin Hit $119K?
Today, Bitcoin is trading around $104,976. Today’s low was $104,300, and the high was $106,334. The low of $102,800 can be the bottom. If Bitcoin rises 16% from that point, it can reach $119,200. This number comes from past moves.
Experts at Cointelegraph and other sites say this price is possible. If the pattern holds, Bitcoin may hit this target by June 21. It all depends on what happens next in the market with momentum.
What’s Moving the Market Now
Tensions in the world are high, the reason is war. This makes oil prices go up. It also makes people nervous. Some investors or traders are selling crypto for safer things like gold or cash. But Bitcoin’s charts still look strong. The 50-day average is higher than the 200-day average.
This shows the long-term trend is still up. That means they are careful but not giving up. Oil is still rising, and Bitcoin may follow soon. The fractal chart shows what has happened before.
What to Watch and What Could Go Wrong
If Bitcoin wants to go up, it needs to stay above $100,000. That is a strong support. Another support is at $107,000. If Bitcoin breaks above $112,000, it could go up fast. But there are risks. War, high prices, or bad news can impact the price. The pattern may also fail. It worked before, but it may not work now. So traders must be careful. Still, the chart is showing that if all goes well, a possible breakout.
Bitcoin has followed this oil rally pattern before. Oil goes up, Bitcoin dips, then Bitcoin rises. If it happens again, Bitcoin could reach $119,000. But it must hold key levels and break past $112,000. The next few days are important. Watch the oil chart, Bitcoin price, and news closely.
Comments 1