Bitcoin has accumulated a 31% increase since November.
Bitcoin hovered around $90,000 to $92,000 earlier this week, and as of this morning (19th), it was quoted at $91,090, having reached a high of $92,594 within the last 24 hours.
According to (Cointelegraph) reports, Bitcoin ($BTC) has set new weekly closing highs for two consecutive weeks, rising 12% in the past 7 days. Since this month, Bitcoin has accumulated a 31% increase, and its price is currently stabilizing near historical highs.
How long will the market oscillate? Several analysts shared their views.
Bitcoin daily chart shows a 'bullish triangle flag', target price $125,000.
From a technical perspective, all time frames are showing a bullish trend, and some analysts even believe that a 40% increase could occur in the coming days.
Anonymous analyst SuperBitcoinBro pointed out that during this consolidation period, the daily price trend of Bitcoin formed a bullish triangle flag pattern. This pattern usually appears after a sudden surge and during consolidation at a higher price range.
If Bitcoin can break through the triangle flag pattern in the future, it may open up the next phase of upward trends, with a target price set at $125,000, which equates to an approximate 40% increase from the current level.
However, it is important to note that according to the research of veteran financial technician Barry Moore, the success rate of the bullish triangle flag is only about 54%, making it one of the less reliable technical patterns.
Source: SuperBitcoinBro/X Bitcoin daily price trend analysis
Another analyst, Coosh Alemzadeh, also predicted a similar target price. Using Elliott Wave Theory for estimation, he speculated that by the end of 2024, Bitcoin could rise to between $130,000 and $145,000.
He stated that Bitcoin is currently in the fifth wave of the expansion phase and claimed that the most intense wave of increase is still ahead.
Source: AlemzadehC/X Bitcoin Elliott Wave Theory analysis
Coinbase premium index has cooled down.
After Bitcoin broke through $73,880 and entered the price discovery phase, the rise between $75,000 and $90,000 was strongly supported by the Coinbase premium, which at one point climbed to the highest level since the second quarter.
However, the recent Coinbase premium index has started to cool down, indicating that U.S. retail investors are currently slowing down their investment pace.
Blockchain data platform CryptoQuant analyst BQ also shared a similar viewpoint, suggesting that conservative traders could wait for the Coinbase premium to regain momentum before entering the market.
Bitcoin trading volume reaches a three-year high.
It is worth noting that the trading volume of Bitcoin below $100,000 has reached a three-year high.
CryptoQuant CEO Ki-Young Ju believes that retail investors have entered the market, potentially providing 'exit liquidity' for large holders. However, this situation would only trigger a short-term pullback, rather than ushering in the next bear market directly.
(Cointelegraph) Biraajmaan Tamuly pointed out that from a shorter-term candlestick perspective, Bitcoin has repeatedly found support at the ascending trend line and is currently undergoing another retest, also supported by the 50-day and 100-day moving averages, now oscillating above the psychological level of $90,000.
If it can break through and effectively close above $93,421, it will indicate that Bitcoin has entered a new phase of price discovery, with $100,000 becoming the next immediate target.
[Disclaimer] The market has risks, and investments should be made cautiously. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at your own risk.
‘Just hold on a bit longer before taking off? Analyst: Bitcoin can soar to $125,000 if it breaks through ‘this pattern’” This article was first published on ‘Crypto City’
