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Bitcoin’s upward trend is gaining even more speed, surpassing $113,000, leading market observers to anticipate a surge toward the $150,000 mark.
The value of Bitcoin (BTC) reached a new peak exceeding $113,788 this past Thursday, with numerous analysts suggesting that the bullish trajectory is likely to persist. According to Markus Thielen, head of 10x Research, Bitcoin has a 60% chance of increasing by over 20% in value within the next two months, as told to Cointelegraph.
Kyle Reidhead, co-founder of Milk Road, expressed even greater optimism, predicting a potential climb to $150,000 for BTC in a recent post on X.
The question now is whether Bitcoin will continue its upward climb, or if this new all-time high will prove to be a temporary “bull trap.” Let’s examine the charts to gain some clarity.
BTC price prediction
Bitcoin overcame the $110,530 resistance level on Wednesday and achieved a new record high of $113,788 on Thursday. However, it is anticipated that sellers will present strong resistance around the $113,800 level, near the neckline of the inverse head-and-shoulders pattern.
For the bullish scenario to fully materialize, buyers must successfully push the price above this neckline. This would pave the way for a potential surge toward the pattern target of $150,000.
However, sellers are likely to have alternative strategies. They will attempt to push the price back down below $110,530. If they succeed, the BTC/USDT pair could potentially fall towards the moving averages.
Buyers are expected to vigorously defend the moving averages, as a drop below the 50-day simple moving average (SMA) ($106,774) could trigger increased selling pressure. This would also result in a negative divergence on the relative strength index (RSI), suggesting a more substantial correction down to $100,000.
Related: Bitcoin treasury companies acquire record 159,107 BTC in Q2
Currently, buyers are working to maintain the price above the $110,530 breakout level. If they can achieve this, the pair may challenge the overhead resistance at $112,000. This is a critical near-term level to watch, as a breakthrough above $112,000 could propel the pair towards $116,571.
The first indication of a weakening trend would be a drop below $110,530. This suggests that short-term buyers are taking profits. Subsequently, sellers will attempt to solidify their position by driving the price below the 50-day SMA. If they succeed in this, the pair could decline to $107,000, and potentially further to $105,000.
This article is for informational purposes only and should not be considered financial advice. Trading and investing carry inherent risks, and it’s essential to conduct thorough research before making any decisions.
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