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Bitcoin’s Acceleration Stage Has Begun. Is Next $150K?

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Quantum computers could bring lost Bitcoin back to life: Here’s
Quantum computers could bring lost Bitcoin back to life: Here’s

Note:

  • Bitcoin’s momentum is continuing to increase above $113,000 and traders are predicting a rise to $150,000.

BitcoinBTC() reached a record high 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? Find out with the help of charts.

BTC price prediction

Bitcoin broke through the resistance of $110,530 on Wednesday, and reached a record high on Thursday at $113.788. The bears will likely challenge the $113,800 neckline for the head and shoulders pattern.

BTC/USDT chart. Source: Cointelegraph/TradingView

To complete the bullish set-up, buyers will need to push the price up above the neckline. Then, the price could rally up to $150,000 as the target for the pattern.

It is likely that the sellers have plans of their own. The sellers will attempt to bring the price down below $105,530. The BTC/USDT may fall to moving averages if they are successful. 

It is expected that buyers will defend moving averages to the fullest extent possible because any break below the SMA ($106,774) of the past 50 days may speed up the sale. It will also create a negative divergence in the relative strength (RSI), indicating a more severe correction.

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

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

Bulls try to keep the price over the $110,530 breakout level. They could then challenge the resistance above at $112,000. It is important to keep an eye on this near-term support, as a break over $112,000 can propel the pair up to $116.571.

A break under $110,530 will signal weakness. This is a sign of short-term sellers taking profits. The bears then attempt to consolidate their position by driving the price down below the SMA 50 days. If they are successful, the pair might fall as low as $107,000 or even $105,000.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.