Bitcoin poised to reach 150000 in ongoing upward trend
Despite the prevailing pessimistic sentiment surrounding Bitcoin (BTC), an expert trader has pointed out that there is still a possibility for the asset to experience a rally in the near future. In a comprehensive analysis shared on June 21 on TradingView, Alan Santana examined the monthly chart of Bitcoin, uncovering mixed signals for investors.
Despite previous periods of bullish behavior, recent movements have raised concerns. Last month, the price of Bitcoin closed below the peak it reached in November 2021, indicating a struggle to surpass previous highs.
The expert observed that this month started off on a bullish note, as evidenced by the long upper shadow on the session, but it has since turned bearish in the second half. Additionally, Bitcoin has experienced low trading volume, suggesting a lack of new participants entering the market, which could imply waning enthusiasm.
Santana’s analysis also highlighted the unprecedented nature of Bitcoin’s three-month sideways period following its all-time high. This deviation from past patterns suggests that the market could swing in any direction. Santana estimated an 80% probability that Bitcoin will experience a correction before reaching new highs, indicating limited potential for growth in the short term.
However, despite the bearish signals, Santana acknowledged a 20% chance that Bitcoin could defy expectations and surge to $100,000 or even $150,000. He emphasized the importance of being prepared for all possible outcomes rather than relying solely on optimism.
Although bearish sentiments dominate, the general consensus in the market is that Bitcoin is likely to rally, with $100,000 remaining a viable target. Meanwhile, the asset’s on-chain data also reflects bearish sentiments.
For example, data shared by crypto analyst Ali Martinez on June 21 indicated a significant decline in exchange-related on-chain activity for Bitcoin, suggesting a decrease in investor interest.
Overall, Bitcoin’s volatility is influenced by significant market events, such as the recent movement of Bitcoin by the German government. Earlier this week, Bitcoin showed stability around $66,000 before experiencing a sharp decline below $63,000.
At present, Bitcoin is trading at $64,267, having gained nearly 1% in the last 24 hours. On the weekly chart, Bitcoin is down over 3%.
$64,000 is currently a crucial support level for the cryptocurrency, with the next potential target being the $65,000 resistance mark, which could serve as the next high point. Conversely, if Bitcoin falls below $64,000, it could drop to $60,000.
Disclaimer: The content on this site should not be considered as investment advice. Investing in cryptocurrencies carries risks, and your capital is at risk when investing.
