Bitcoin set to ‘continue forever up’ towards $150,000
The post Bitcoin set to ‘continue forever up’ towards $150,000 appeared on BitcoinEthereumNews.com.
Despite prevailing bearish sentiments surrounding Bitcoin (BTC), a trading expert has noted that there remains a chance for the asset to rally in the short term. In an insightful analysis shared on June 21 on TradingView, Alan Santana examined the Bitcoin monthly chart, revealing mixed signals for investors. Despite previous bullish trends, recent movements have shown concerning signs. Last month, Bitcoin’s price closed below the peak of November 2021, suggesting a struggle to surpass previous highs. The expert noted that this month started bullishly, evident from the long upper shadow on the session, but it has turned bearish in the second half. At the same time, Bitcoin has been plagued by low trading volume, indicating a lack of new players entering the market, which could imply reduced enthusiasm. Bitcoin price analysis chart. Source: TradingView/Alan Santana Next step for Bitcoin price movement Santana’s analysis further highlighted the unprecedented nature of Bitcoin’s three-month sideways period following an all-time high. This deviation from past patterns suggests the market could swing in any direction. Santana estimated an 80% probability that Bitcoin will face a correction before reaching new highs, indicating limited room for growth in the near term. However, despite the bearish signals, Santana noted a 20% chance that Bitcoin could defy the odds and surge to $100,000 or even $150,000. He emphasized the importance of being prepared for all outcomes rather than relying solely on hope. “The chart shows little room for growth yet it is still a possibility. We would say 80 percent probability for a correction before a new high, with a 20% a probability to continue forever up; 100K, 150K,” the analyst said. Although dominated by bearish sentiments, the general market consensus is that Bitcoin is likely to rally, with $100,000 remaining a possible target. In the meantime, bearish sentiments…
Filed under: News - @ June 22, 2024 2:18 pm