Is BTC Heading For $150K Rally?
Bitcoin (BTC) continues to move within its local range after the last attempt to reclaim the $100,000 hurdle. After its recent performance, some analysts believe that BTC may be close to a breakthrough and is a massive rally toward a new climax.
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Is Bitcoin ready to break through or break down?
In market volatility, Bitcoin has Established Price stability stays in the middle area where its post-election breakthrough level is. In the recent 12% correction, BTC retested its price as support to bounce to the $100,000 hurdle.
However, it failed to regain the area as support and continued to move within this range. The flagship cryptocurrency has hovered between $94,000 and $98,000 over the past week, and has not been able to maintain $99,000 since late January.
Crypto Trader Eliz Famous The Bitcoin has been in this “mini range” for nearly two weeks, indicating that the cryptocurrency is ready to “major move” from this merger area. He warned investors that the direction flagship encryption can take is “almost unpredictable”.
It is worth noting that market sentiment has been diverged recently, as Bitcoin’s price action does not seem to reflect bullish news. Nansem Analyst suggestion The market seems to be temporarily satisfied, and “is more reactive than positive news than negative emotions.”
Bitcoin looks like it’s “prepared for a breakthrough,” Ali Martinez said, highlighting a nearly two-week symmetrical triangle on the BTC list. After recent price performance, cryptocurrencies tested the upper trendline of the pattern, suggesting another retest might be close.
Nevertheless, analysts say confirmation of the breakthrough will be key before the next BTC move.
BTC Price Eyes $150,000 Loop Top
Encrypted Gael too consider That Bitcoin is about to start the next leg. BTC’s “explosive action usually begins after the first price combination merger is completed,” which is what other analysts say.
Rekt Capital has stated that Bitcoin is about to come set foot on With the second price discovery uptrend of BTC, BTC has completed its first price correction for its subsequent parabolic parasite phase.
According to Jelle’s X post, Bitcoin rose 577% in 133 days in 2017, while Bitcoin rose 70% in 56 days in 2021. “Bitcoin has been a good signal in history for its 2-year MA multiplier,” the analyst confirmed.
In the first two cycles, Bitcoin crossed behind above the 5x multiplier. Meanwhile, it did not reach the top of the previous cycle until “marked 5x multiplier (much higher than 4x multiplier)”, which suggests a trend may form.
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However, Jelle stated that even if the price of BTC only reaches a 3x multiplier this cycle, the price is still expected to rise sharply. According to the chart, the potential multiplier target for the cycle is $152,000.
As of this writing, Bitcoin was trading at $98,243, an increase of 1.7% on the daily timeframe.
Featured images from Unsplash.com, charts from TradingView.com
