Bitcoin forecast soaring to $130,000 by August predicted.
In a recent technical analysis, TradingShot and Ali Martinez have identified potential critical levels for Bitcoin's price movement in the coming weeks. The focus is on the key support level at $108,000 and the resistance level at $110,000, which are expected to play significant roles in determining Bitcoin's trajectory.
According to TradingShot's analysis, a medium-term breakout is possible if Bitcoin maintains its current support level and surpasses the $110,000 resistance. This prediction is based on patterns observed in similar assets like gold, where a breakout above key moving averages led to strong rallies. The Relative Strength Index (RSI) also shows no signs of overbought conditions, suggesting room for further upward momentum.
Ali Martinez's analysis, as seen on TradingView, highlights that Bitcoin is currently trading below the $108,000 support but has held steady after recent breakout attempts. The $110,000 level remains a key resistance level to watch in the short term. Martinez emphasizes that while breaking above this resistance is challenging, maintaining support around $108,000 is crucial for bulls to target higher price levels.
These levels are based on the latest In/Out of the Money Around Price analysis, which shows strong buyer interest. Approximately 1.64 million addresses hold positions at or near $106,738, and another cluster of 1.71 million addresses is positioned near $98,566. If Bitcoin falls, these key demand zones could help cushion the downside and spark a rebound.
Currently, Bitcoin is trading at $108,118, up 0.5% in the past 24 hours and nearly 1% over the past week. Notably, Bitcoin is holding above its four-hour 50-period moving average, another key support level.
The analysis does not mention Bitcoin's percentage increase in the past 24 hours or over the past week. However, it is worth noting that 89.36% of Bitcoin holders are currently "in the money," indicating resilience despite volatility.
Furthermore, analysis by TradingShot indicates that Bitcoin is flashing a strong bullish signal after completing a golden cross on the four-hour chart. This technical indicator suggests that the short-term moving average is crossing above the long-term moving average, often a sign of a bullish trend.
These predictions align with broader predictions of a strong Bitcoin bull run in 2025, with targets ranging up to $135,000 and beyond, supported by technical momentum and macroeconomic factors. Traders are advised to monitor these critical levels closely as they could signal a significant price shift in the coming weeks.
Investing in crypto such as Bitcoin could see an upward trend in the coming weeks, as TradingShot's analysis predicts a potential medium-term breakout if Bitcoin maintains its current support level and surpasses the $110,000 resistance. On the other hand, technology like the In/Out of the Money Around Price analysis reveals strong buyer interest at $106,738 and $98,566, potentially serving as cushions for any downward price movement.
