Bitcoin has experienced a period of uncertainty following a decline that started in March. However, experts believe that the cryptocurrency may surpass the significant resistance level of $70,000, especially considering the prolonged consolidation in the market, particularly in BTC.
Analysts are even predicting that a new record level could be reached, with some suggesting it could be over $100,000. This positive outlook is supported by TradingShot, a crypto expert who shared their views on May 23. They anticipate that Bitcoin will enter a new rally phase after a consolidation period that follows the halving. This pattern has been observed in previous Bitcoin cycles, leading to a potential increase towards $150,000.
TradingShot emphasizes the importance of the consolidation phase that occurs before and after the halving event, as it has consistently been observed in the market. This phase is typically a precursor to a significant rally in Bitcoin’s price.
Analyzing the two-month period, TradingShot discovered a pattern in Bitcoin’s price movements. The Vortex Indicator (VI) and Commodity Channel Index (CCI) both highlight the symmetry in Bitcoin’s cycles. Specifically, the VI peaks coincide with the first high low level after the CCI’s bottom, indicating a predictable pattern in the cryptocurrency’s price movements.
It is important to note that Bitcoin has been on an upward trend throughout the week, reaching the $71,000 level on May 21. This increase in price aligns with significant inflows in spot purchases and spot Bitcoin exchange-traded fund (ETF) entries. Currently, there are two prevailing viewpoints in the market: some believe that the peak has already been reached, while others suggest that the bull run following each halving may have just begun.
In conclusion, while Bitcoin’s price has been uncertain in recent months, there is optimism that it will surpass the resistance level of $70,000 and potentially reach new record highs. The consolidation phase that precedes significant rallies in Bitcoin’s price has been observed in previous cycles, supporting the expectation of further growth. However, investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before making any investment decisions.
