The Bitcoin Acceleration phase has just begun, is $150K next?

The key point is:

• Bitcoin’s growth continues above $113,000, causing traders to forecast a surge to $150,000.

BitcoinBTCThe () has reached an all-time record. above $113,788 The uptrend is expected to continue. Markus Thielen, 10x Research’s head of research told Cointelegraph BTC is on the rise. 60% probability of rising more than 20% In the coming two months,

Kyle Reidhead the Milk Road founder was more hopeful. projecting a target of $150,000 BTC, in his posting on X.

Will BTC’s breakout to new highs prove to be a trap or could it continue to rise? We’ll find out by analyzing the charts.

BTC price prediction

Bitcoin broke the $110 530 resistance level on Wednesday. It reached its new record-high of $113 788 on Thursday. Bears, however, are likely to make a strong challenge at the neckline in the reverse head-and shoulders pattern, which is $113 800.

The bullish setup will be complete when buyers drive the price over the neckline. This will open the way for an eventual rally towards the $150,000 pattern target.

The sellers will likely have different plans. Sellers will likely have other plans. The BTC/USDT may fall to moving averages if they are successful. 

The buyers are likely to protect the moving averages as much as possible, because a move below the simple moving average of 50 days ($106.774) could accelerate the selling. This will form a divergence negative on the relative-strength index (RSI), which signals a further correction up to $100,000.

Related: Bitcoin treasury companies acquire record 159,107 BTC in Q2

Bulls try to keep the price over the $110,530 breakout level. They could then challenge the resistance above at $112,000. Watch out for this important near-term barrier, because breaking above $112,000 will propel the pair towards $116.571.

First, a price break below $105,530 is a sign of weakness. It signals short-term investors taking their profits. They will try to consolidate their position when they pull the price down below the SMA 50 days. The pair could fall to $107,000, then $105,000 if they succeed.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.