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

Note:

• Bitcoin’s growth continues above $113,000 leading to traders predicting an increase to $150,000.

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

Kyle Reidhead, Milk Road’s co-founder, was even more positive. projecting a target of $150,000 BTC, in his posting on X.

BTC could continue its upward trend, but will a breakout at a new record high be a false alarm? Find out with the help of charts.

BTC price prediction

Bitcoin broke the $110 530 resistance level on Wednesday. It reached its new record-high of $113 788 on Thursday. The bears will likely challenge the $113,800 neckline for the head and shoulders pattern.

To complete the bullish set-up, buyers will need to push the price up above the neckline. This will open the way for an eventual rally towards the $150,000 pattern target.

The sellers will likely have different plans. The sellers will attempt to bring the price down below $105,530. They may succeed in bringing the BTC/USDT back to its moving averages. 

The buyers are likely to fight with their whole might against the breaking below of the simple 50-day moving average ($106.774), as a breach may speed up the selling. This will form a divergence in the relative strength (RSI) index, signaling a further correction of $100,000.

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

The bulls want to hold the price at or above $110530. The pair may challenge $112,000 overhead resistance if they succeed. 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. This is a sign of short-term sellers booking profits. They will attempt to reinforce their position if they can pull the price down below the 50 SMA. If the bears can do it, they may be able to bring down the price to $107,000 or even $105,000.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.