Bitcoin (BTC) has managed to break above the $65,000 resistance mark and is once again flirting with the possibility of regaining a new record.
While the maiden cryptocurrency appears to be benefiting from the excitement surrounding the latest US inflation figures, technical indicators suggest that a new record high for Bitcoin is just around the corner.
especially, TradingView Posted on May 16th, Cryptocurrency Trading Expert trading shots He suggested that Bitcoin could reach its $150,000 goal by August 2024.
Analysts noted that Bitcoin is showing signs of a comeback, driven by a recent 25% correction that experts considered normal within a bullish cycle.
trading shots It was also observed that Bitcoin closed above the daily moving average 50 (MA50) after two consecutive rejections, indicating that Bitcoin's upward trajectory is promising.
The trading expert also reviewed Bitcoin's long-term chart, especially the one-week time frame where the cryptocurrency appears to be in a cyclical phase. Historically, Bitcoin has embarked on its most aggressive rallies during similar cycles.
Technical level to be aware of
therefore, trading shots Bitcoin's recent rebound above the exponential moving average (EMA) ribbon, coupled with the recovery in the Mayer multiple SD1, indicates positive momentum, he said.
Based on these indicators, analysts suggested that Bitcoin's next target could be $150,000 by August.
“As you can see, BTC rebounded above the EMA ribbon after hitting a new all-time high (ATH) and recovering the Mayer multiple SD1 from above. In the past when these parameters were met, Bitcoin We were always at least touching on MMB SD2 from the top. Based on that, our next target this time will be $150,000,” said the expert.
Bitcoin breakout is inevitable
On the other hand, another cryptocurrency expert said, michael van de poppesuggested in the May 16th article post X (formerly Twitter) stated that Bitcoin's upward trajectory is inevitable given its recent recovery.
He pointed out that Bitcoin's steady rise will bring new confidence to the cryptocurrency market. As Bitcoin continues to rise, Poppe suggested that attention is shifting to altcoins, which are expected to benefit greatly from this positive market sentiment.
It is worth noting that there has been renewed interest in BTC after the latest inflation statistics were released. Core inflation fell to 3.8% year-on-year, the lowest level in three years, the data showed.
These numbers have sparked speculation that the US Federal Reserve may finally cut interest rates, with some market participants predicting a rate cut as early as July. I predict that it will be.
Meanwhile, the flagship digital asset continues to be supported by several bullish factors that are likely to maintain its momentum. For example, CME Group, the world's largest futures exchange, is reportedly planning to make Bitcoin trading public in order to take advantage of Wall Street's growing interest in Bitcoin assets.
Bitcoin price analysis
As of this writing, Bitcoin price today is trading at $66,270, up nearly 6% daily. On a weekly basis, BTC is up 8%.
Having broken through the $65,000 resistance, Bitcoin is well positioned to reach the $70,000 mark on its way to new all-time highs. This trajectory will only accelerate once the historic post-halving bull market begins.
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