Bitcoin poised to reach 150000 as upward trend continues
Despite the prevailing negative sentiments surrounding Bitcoin (BTC), a trading expert has highlighted the possibility of the asset rallying in the short term. In a detailed analysis shared on June 21 on TradingView, Alan Santana carefully examined the Bitcoin monthly chart, uncovering a mix of signals for investors.
Despite previous positive trends, recent movements have raised concerns. Bitcoin’s price closed below the peak of November 2021 last month, indicating a struggle to surpass previous highs. The expert noted that while this month began with a bullish tone, it has since turned bearish in the latter half. Additionally, low trading volume has plagued Bitcoin, suggesting a lack of new participants entering the market, potentially dampening enthusiasm.
Santana’s analysis also shed light on the unprecedented three-month sideways movement of Bitcoin following its all-time high. This deviation from historical patterns suggests that the market could swing in any direction. Santana estimated an 80% likelihood of a correction before reaching new highs, leaving limited room for growth in the immediate future. Despite the bearish signals, he acknowledged a 20% chance of Bitcoin defying expectations and surging to $100,000 or even $150,000, emphasizing the importance of preparedness over blind hope.
While bearish sentiments dominate, the general market consensus leans towards a potential rally for Bitcoin, with $100,000 remaining a feasible target. However, bearish sentiments are mirrored in the asset’s on-chain data, as indicated by crypto analyst Ali Martinez on June 21, revealing a significant decline in exchange-related on-chain activity for Bitcoin, pointing towards a decrease in investor interest.
Bitcoin’s volatility is heavily influenced by significant market events, such as the recent Bitcoin movement by the German government. Despite showing stability around $66,000 earlier in the week, Bitcoin experienced a sharp decline below $63,000. As of the latest data, Bitcoin is trading at $64,267, showing a nearly 1% increase in the last 24 hours but down over 3% on the weekly chart.
Currently, $64,000 stands as a crucial support level for the cryptocurrency, with the next potential target being the $65,000 resistance mark, which could set the stage for the next high. Conversely, a drop below $64,000 could lead Bitcoin towards a decline to $60,000. It’s essential to note that the content on this site should not be considered investment advice, as investing is speculative and involves risks to capital.