The announcement that Bitcoin has reached $70,000 has sparked interest and discussion in the crypto community: will the record high breakout push the BTC price to $150,000?
Impact of Donald Trump's Speech
After Donald Trump's speech on cryptocurrency regulation, the price of BTC went up again, recording an intraday gain of 2.57%. The price recovery to the $70,000 mark was observed for the first time since early June, indicating significant underlying demand.
Bitcoin Price Dynamics
- Bullish Rise: Starting at $55K, Bitcoin rose 25% in three weeks, crossing the 50% Fibonacci level at $64,766 to reach $70K.
- Trend Lines: BTC price is moving towards a breakout of the trend line on the daily chart, challenging the top line of the flag pattern channel.
Technical Indicators
- RSI: The daily RSI line is borderline overbought, reflecting rising demand but also indicating the possibility of a minor retest.
- EMA: The bullish trend influences the 200D and 50D EMA, creating upward dynamic supports.
Bitcoin Accumulation Trends
With the increasing influx of spot Bitcoin ETFs in the US, the Bitcoin accumulation trend indicator has reached 1, indicating a strong accumulation phase by major players. This accumulation strengthens confidence in the market and supports the bullish trend.
Prediction: BTC Price at 150 Thousand Dollars?
Bitcoin's uptrend is likely to continue given fundamental improvements and strengthening bullish mechanisms. Based on Fibonacci retracements, a breakout of the flag pattern could reach 1.618 at $102K. Thus, it is predicted that the price of Bitcoin may exceed $100,000 in the coming months, but the price will not be able to reach $150,000 this year, there is too little gunpowder.
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