The final factor needed for Bitcoin to reach 100000
Bitcoin (BTC) is currently facing challenges to sustain its price above $67,000, aiming for $70,000. However, a knowledgeable crypto trading analyst has identified technical indicators that suggest a new all-time high on the horizon.
In a recent post on TradingView dated June 12, TradingShot, the analyst, highlighted that Bitcoin is on track to hit $100,000 as its next potential high target. The expert noted that Bitcoin has been in a consolidation phase since reaching a high above $71,000 on May 21. The recent pullback over the last five days has instilled a sense of fear in the market once again.
TradingShot pointed out that similar price movements were observed on February 6, 2024, and October 14, 2023. The analyst mentioned that re-testing the 50-day moving average on the one-day timeframe has historically occurred after the price dropped below the 1D MA50, marking the bottom of a bearish trend.
The market expert segmented Bitcoin’s price action based on trading within the Mayer Multiple Bands (MMB) Mean and MMB 2SD below. Following each test of the 1D MA50, Bitcoin has entered an upward channel aiming towards the MMB.
To confirm the start of this upward channel leading Bitcoin towards $100,000, TradingShot stated that the one-week Relative Strength Index (RSI) needs to break above its moving average level. The analyst emphasized that once the weekly RSI surpasses its MA level, a solid bullish trend is likely to follow, making the $100,000 target a conservative estimate.
After Bitcoin’s rejection at $71,000, the cryptocurrency dipped to $67,000 and has been consolidating in that range for some time. Within the last 24 hours, Bitcoin briefly dropped below $67,000 to around $66,800.
It’s worth noting that the recent sell-off coincided with consecutive outflows from United States-listed spot Bitcoin exchange-traded funds (ETFs). On June 11, the ETFs recorded $200 million in net outflows, the highest since May 1’s $580 million.
Market participants are anxiously awaiting how key macroeconomic data will impact Bitcoin, particularly the release of CPI data and the outcome of the Federal Open Market Committee (FOMC) meeting. Bitcoin is currently trading at $67,980, down more than 1% in the last 24 hours and 4% on the weekly chart.
Investors are closely monitoring Bitcoin’s immediate support level around $67,000, with stronger support at $65,500 if the former fails. On the resistance side, $69,000 is the immediate level to watch, followed by the critical $70,000 mark.
The price action in the coming days will likely revolve around these levels, with breaks above resistance potentially signaling bullish momentum and breaks below support indicating further bearish trends. Please note that the content of this article should not be considered investment advice, as investing is speculative and carries risks to your capital.