Bitcoin
This is where Bitcoin (BTC) will reach $100K
Bitcoin (Bitcoin) has seen a notable uptrend this week, boosting the asset’s value to $67,000 as it targets a new all-time high after a challenging start to May.
A prevailing market sentiment suggests that Bitcoins the next record target is $100,000, with speculation growing that the milestone could be reached during the projected post-halving rally.
In line with this sentiment, trading expert TradingShot shared insights in a TradingView publish on May 18, based on Bitcoin technical indicators to outline potential factors that could drive the asset to $100,000 and a possible timeline.
TradingShot’s analysis focused on inverse head and shoulders (IH&S) standardThe optimistic reversal formation observed in technical analysis. Since May 6, the expert noted that expectations have been high for Bitcoin to break above the lower highs trendline, a key indicator for the IH&S pattern. True to expectations, Bitcoin duly delivered on this front.
Bitcoin price analysis chart. Source: TradingView/TradingShot
Timeline for Bitcoin to reach $100,000
Highlighting historical precedents, TradingShot noted that the two previous cases of IH&S bottom formations resulted in significant price increases of around 95%. Additionally, the one-day Moving Average Convergence Divergence (MACD) indicator reinforces the optimistic outlook.
Based on this analysis, TradingShot predicted that Bitcoin will likely reach $100,000 psychological target sometime after July.
“With the 1D MACD at the same bullish cross that was present in both funds, we expect the psychological target of $100,000 to be reached after July, which will even be an increase below +90%,” the analyst noted.
While the exact timing remains uncertain, the projection underscores Bitcoin’s prevailing bullish sentiment. This sentiment follows a significant correction in early May, with the asset falling to $56,000.
Bitcoin’s Next Trading Standard
In fact, the violation of the $65,000 resistance The level was a critical moment that will likely dictate Bitcoin’s trajectory towards a new record high. Notably, the maiden cryptocurrency it is consolidating around $67,000, a pattern that some analysts predict will continue.
For example, in a recent X publish on May 19, cryptography analyst Michaël van de Poppe advised investors do not anticipate greater volatility in the price of Bitcoin.
“I’m not expecting massive volatility to come. I prefer to wait for consolidation and slow upward movements towards the all-time high,” he said.
At the same time, according to a report by Finbold Crypto analyst RLinda suggested that Bitcoin bulls could be on the verge of breaking existing resistance levels. In this scenario, she highlighted key resistance levels to monitor at $67,250, $71,500, and $73,700, while emphasizing watching crucial support levels at $65,250, $64,500, and $61,500.
Bitcoin Price Analysis
At press time, Bitcoin was trading at $67,280 with daily losses of around 0.12%, while on the weekly chart, BTC was up almost 10%.
Considering Bitcoin’s recent price movements, bulls face the challenge of keeping the price above the $67,000 support level for significant upside potential.
Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.