BTC May Hit The $150,000 By August
Bitcoin is once again flirting with the possibility of reclaiming a new record after successfully breaching the $65,000 resistance mark.
As the maiden cryptocurrency seemingly benefits from the euphoria around the latest United States inflation data, technical indicators suggest that a new record high for Bitcoin is on the horizon.
Particularly, in a TradingView post on May 16, crypto trading expert TradingShot suggested that Bitcoin might be in line to clinch the $150,000 target by August 2024.
The analyst pointed out that Bitcoin has shown signs of resurgence, buoyed by a recent 25% correction which the expert deemed as normal within bull cycles.
TradingShot also observed that Bitcoin had closed above the one-day moving average 50 (MA50) after two consecutive rejections, indicating that Bitcoin’s upward trajectory seems promising.
The trading expert also reviewed Bitcoin’s long-term chart, particularly the one-week timeframe, where the crypto appears to be at a cyclical stage. Historically, during similar cycles, Bitcoin has embarked on its most aggressive rallies.
Therefore, TradingShot stated that Bitcoin’s recent bounce on the exponential moving average (EMA) ribbon, coupled with its recovery of the mayer multiple SD1, indicates positive momentum.
Drawing from these indicators, the analysts suggested that Bitcoin’s next target could be $150,000 by August.
These are expert opinions, but are in no way financial advices for you unless you have made your research and understand exactly what to take and what to leave.
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