Bitcoin has been experiencing a period of uncertainty since its decline in March. However, analysts believe that the significant resistance level of $70,000 may soon be surpassed, especially considering the prolonged consolidation in the market, particularly in BTC.
If the upward momentum continues, experts predict that a new record level could emerge, with some even suggesting that it could surpass $100,000. This positive outlook aligns with the views shared by crypto expert TradingShot, who stated that Bitcoin is expected to enter a new rally phase following a consolidation period after the halving. They also pointed out that this pattern has been observed in previous Bitcoin cycles, indicating a potential increase towards $150,000.
In their analysis, TradingShot highlighted the consolidation phase that typically occurs in the two months before and after the halving event, a trend seen in past Bitcoin cycles. This consolidation phase is often a precursor to a significant rally in Bitcoin’s price.
Analyzing the two-month period, TradingShot also found symmetry in Bitcoin’s cycles through the Vortex Indicator (VI) and Commodity Channel Index (CCI). They observed that VI peaks coincided with the first high low level after CCI’s bottom, suggesting a predictable pattern in Bitcoin’s price movements.
It’s worth noting that Bitcoin recently reached the $71,000 level on May 21, following an upward trend throughout the week. This price increase was accompanied by significant inflows in spot purchases and spot Bitcoin exchange-traded fund (ETF) entries. Currently, there are two different views prevalent in the market – some analysts believe that the peak has already been reached, while others suggest that the bull run observed after each halving is just beginning.
Investors should keep in mind that the information provided in this article does not constitute investment advice. Cryptocurrencies are known for their high volatility and risk, so it is important for investors to conduct their own research and be aware of the potential risks involved.
