The Last Barrier for Bitcoin to Reach 100000
Bitcoin is currently facing challenges as it struggles to stay above $67,000, aiming for $70,000, but a crypto trading expert has identified technical signals that suggest a new record high is on the horizon.
In a post on TradingView on June 12, TradingShot highlighted that Bitcoin could potentially reach $100,000 as its next major target. The analyst noted that Bitcoin has been in a consolidation phase since surpassing $71,000 on May 21, and the recent dip over the past five days has sparked some fear in the market once again.
TradingShot pointed out similarities in price movements observed on February 6, 2024, and October 14, 2023. The analyst noted that re-testing of the 50-day moving average on the one-day timeframe typically occurs after Bitcoin breaks below the 1D MA50, marking the bottom of a downward trend.
The expert segmented Bitcoin’s price action into phases, trading within the Mayer Multiple Bands (MMB) Mean and the MMB 2SD below. Historically, after each test of the 1D MA50, Bitcoin has entered an upward channel approaching the MMB.
To confirm the start of this upward trend that could push Bitcoin towards $100,000, TradingShot highlighted that the one-week Relative Strength Index (RSI) needs to break above its moving average level. A breakout of the weekly RSI above its MA level would signify a strong bullish trend, making the $100,000 target a conservative estimate.
After facing rejection at $71,000, Bitcoin dropped to $67,000, where it has been consolidating for days. In the last 24 hours, Bitcoin briefly fell below $67,000 to around $66,800. This drop coincided with US-listed spot Bitcoin exchange-traded funds (ETFs) experiencing outflows for the second consecutive day.
Investors are now closely monitoring Bitcoin’s immediate support level around $67,000, with stronger support at $65,500 if the former is breached. On the resistance side, $69,000 is the immediate hurdle to overcome, followed by the critical $70,000 level.
In the coming days, price action is likely to revolve around these levels, with breakthroughs above resistance potentially signaling bullish momentum, while drops below support could indicate further bearish trends. It’s important to note that the market is eagerly awaiting key macroeconomic data, including the CPI figures and the outcome of the Federal Open Market Committee (FOMC) meeting, which will determine the next monetary policy steps.
