Forecasting Bitcoin's next short-term price peak at approximately $120,000.
Bitcoin's future points toward a potential breakout, with trading expert TradingShot predicting a price surge towards $120,000. Here's why:
On the technical front, Bitcoin nearly touched its four-hour 200-period moving average, a critical support level since April 16. After testing this level, BTC immediately rebounded, showing a bullish reaction. With the formation of a blue Arc pattern over the past three weeks, similar to price behavior during previous peaks and pullbacks since Bitcoin's early April bottom, a significant upward momentum seems imminent once the price breaks above resistance.
Additionally, the four-hour Relative Strength Index (RSI) dipped into oversold territory for the first time since April 7, signaling that Bitcoin may be primed for a sharp reversal.
TradingShot believes that a minimum short-term rise of 16.06%, pushing Bitcoin to approximately $120,000, is possible if the 4H MA200 holds and Bitcoin breaks above the 4H MA50.
In line with this optimistic outlook, pseudonymous analyst El_crypto_prof highlighted a chart setup indicating a final small dip before a powerful surge. With Bitcoin hovering above $104,000, he identified $102,000 as a prime entry point and $97,000 as the critical floor for this bullish scenario to unfold.
While Bitcoin was trading at $104,212 at press time, down about 0.9% over the past 24 hours and 2.8% on the weekly timeline, its technical structure remains bullish, with the price significantly above its 50-day simple moving average and 200-day SMA. This alignment suggests a strong upward trend and sustained bullish momentum.
So, bit by bit, Bitcoin's continuous upward journey could lead to a breakout at $120,000 and beyond!
The ongoing bullish trend of Bitcoin could potentially push its price towards the predicted $120,000, as TradingShot forecasts, given the formation of a blue Arc pattern and the rebound after testing the critical 200-period moving average. Moreover, El_crypto_prof's chart setup hints at a final small dip before a powerful surge, with a prime entry point at $102,000 and a critical floor at $97,000, indicating the continuation of the crypto's upward journey.
