Bitcoin Price Analysis and Potential Path to $100,000 π
As Bitcoin struggles to maintain its price above $67,000 with a target of $70,000, a crypto trading analyst has identified technical indicators that point to a new all-time high.
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A TradingView post on June 12 highlighted the potential for Bitcoin to reach $100,000 as the next high target.
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Bitcoin has been consolidating since its high on May 21, and recent pullbacks are creating fear in the market.
Bitcoinβs Path to $100,000 π
The analyst noted that the final parameter needed to confirm the start of an upward channel, which could propel Bitcoin towards $100,000, is for the one-week Relative Strength Index (RSI) to break above its moving average level.
Breaking above the weekly RSI MA level could signal a strong bullish trend, making $100,000 a conservative target.
After rejecting $71,000, Bitcoin dropped to $67,000 and has been consolidating. Market jitters continue as key macroeconomic data is awaited, including CPI data and the outcome of the FOMC meeting.
Bitcoin Price Analysis π
Currently, Bitcoin is trading at $67,980, experiencing a 1% drop in the last 24 hours and a 4% drop on the weekly chart.
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Investors are closely monitoring Bitcoin’s immediate support level around $67,000, with stronger support at $65,500 if the former fails.
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On the resistance side, $69,000 is the immediate level to watch, followed by the critical $70,000 mark.
Hot Take: The Future of Bitcoin π
The possibility of Bitcoin reaching $100,000 remains viable based on technical indicators and market trends. Stay tuned for potential bullish momentum as resistance levels are closely monitored. The crypto market continues to evolve, presenting exciting opportunities for investors. Keep a watchful eye on Bitcoin’s price action and key levels for potential trading strategies and investment decisions.
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