Happycoin.club - Top cryptocurrency Bitcoin is benefiting from the frenzy surrounding the latest US inflation data, with technical indicators suggesting a new all-time high for BTC is just around the corner.

On May 16, in a TradingView post, cryptocurrency expert TradingShot suggested that Bitcoin could reach its $150,000 target by August 2024.

In his opinion, Bitcoin has shown signs of a revival that followed the normal 25% correction during bullish cycles.

TradingShot also noted that Bitcoin closed above the one-day moving average 50 (MA50) after two consecutive rejections, indicating that the upward trajectory appears stable.

Bitcoin price analysis. Source: TradingView

The trading expert also studied the long-term Bitcoin chart, especially the weekly chart, where the cryptocurrency is in a cyclical stage. Historically, during cycles like these, Bitcoin has seen its most aggressive gains.

Technical Levels to Watch TradingShot added that Bitcoin's recent bounce off the exponential moving average (EMA) tape, coupled with a rebound in the Mayer SD1 multiple, indicates positive momentum.

Based on this, he suggested that Bitcoin's next target could be $150,000 as early as August this year.

Indeed, the flagship digital asset continues to be supported by several bullish elements that are likely to support its rise. For example, the world's largest futures exchange, CME Group, plans to open Bitcoin trading to capitalize on growing interest in the asset from Wall Street.