Predicted Bitcoin Value Soaring to $130,000 on Specified Date, Mentioned Analyst
Bitcoin's Ascension: Predicting a Historic Price Spike
With Bitcoin hovering around the $105,000 mark, analysis indicates a strong possibility of the cryptocurrency soaring to new all-time highs in the coming weeks.
Since its April low, Bitcoin has been following a clear $10,000 step-like pattern, shattering barriers at $74,000, $84,000, and currently residing near the $104,000 mark. This unyielding progression forms a recognizable upward channel, suggesting continued upward momentum.
According to renowned crypto analyst TradingShot in a recent TradingView post, this channel formation hints at potential gains, provided it persists. If so, potential milestones include $114,000, $124,000, and an ambitious target of $134,000, a peak TradingShot projects for late June or early July.
This bullish forecast, however, isn’t without risks. A descent beneath the channel's lower boundary could trigger a sharp decline, with potential support retests around $94,000 or even $84,000.
Adding fuel to the positive outlook, analyst Ali Martinez has noted that Bitcoin could potentially peak close to $120,000 given it holds its ground above $90,000. Martinez’s assessment is based on the “Cumulative Value Days Destroyed” (CVDD) indicator, a reliable market top and bottom identifier. The current trend indicates a possible high blow-off top around $120,000.
At present, Bitcoin seems to be consolidating within a bullish flag, a continuation pattern following its impressive surge from $74,400 to $105,900. This surge was instigated by margin liquidations and robust spot demand, alongside billions in BTC ETF inflows.
Currently, Bitcoin is trading at $102,977, dipping about 0.6% on both the daily and weekly charts. However, Bitcoin remains well above its 50-day simple moving average (SMA) of $90,993 and its 200-day SMA of $86,134, highlighting resilient bullish momentum. The gap between the current price and these moving averages suggests the uptrend remains intact, even amid temporary pullbacks.
Historical Trends and Potential All-Time High
Historical chart patterns and trends, technical analysis, and market factors suggest Bitcoin could hit a new all-time high around $134,000 in late June or early July:
1. Consolidation Period: Historically, July sees a period of consolidation after earlier volatility. This stability could lead to a surge in prices as market participants account for previous fluctuations.
2. Post-Halving Cycle: Bitcoin's price cycles often top out about 12 to 18 months following a halving event. Given the last halving took place in May 2024, a peak in late June or early July aligns with this historical pattern.
3. Technical Analysis: Analysts like Peter Brandt propose that Bitcoin must reclaim a key parabolic trendline to achieve new record highs. This trendline played a pivotal role in previous cycles, including the 2021 peak.
4. Market Factors: Favorable regulatory decisions on Bitcoin ETFs, advancements in blockchain technology, network efficiencies, and growing institutional involvement could boost sentiment and drive prices upward.
5. Accumulation Trends: Recent exchange outflow data suggests a return to accumulation, with long-term holders transferring Bitcoin off exchanges. This could reduce selling pressure and support higher prices.
Conclusion
While the analysis predicts a potential all-time high, investors should exercise caution and consider multiple factors before making decisions. The volatile nature of the cryptocurrency market means actual outcomes may differ due to unforeseen events.
With Bitcoin's consolidation period in July historically leading to a surge in prices, and the cryptocurrency nearing a crucial $134,000 target projected by TradingShot and Ali Martinez, the technology underlying Bitcoin, blockchain, could witness significant advancements, potentially bolstering Bitcoin's price even further.
The bullish scenario is further supported by Bitcoin's adherence to its post-halving cycle, the reclaiming of a crucial parabolic trendline, and increasing favorable regulatory decisions, as well as the return of accumulation trends among long-term holders.
