The bull market is far from over, with the ultimate target pointing to 98,000, but before reaching that, a retracement is necessary. My view is that it will most likely retreat to around 92,500 or 91,000.

The recent two days have been really intense, with the price surging from the bottom all the way up, with hardly any decent correction. BTC finally pushed up to the weekly resistance level of 94,500, and at this point, it should take a break. I think there will be a decline starting from 94,700, with the target being either 92,500 or filling the gap near 91,000. Why do I think so? The rebound this afternoon started from 93,100, but it just couldn't break through the 94,500 hurdle, indicating that the recent rally has reached its limit and will continue downward. The key support is around 91,000—there's not only a gap to fill but also a support-resistance flip point. Reaching back to fill the gap and testing this support is quite probable.

Therefore, those looking to go long can watch for the retests at 92,500 and 91,000. I personally favor 91,000 more, as it has already encountered major weekly resistance, and there are gaps and support levels waiting below. This is an excellent entry point. If this level holds, the first phase target is 95,000. If 95,000 also stabilizes, then we can dream of 98,000.