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Bitcoin’s price continues to move sideways after hitting an all-time high. new all-time high The (ATH) was $111,900 in early May. Crypto analyst Decode provides insight into the price movement and whether or not the top crypto coin will rise to $120,000 next, or fall below $100,000.
Bitcoin price forecast: What next for bitcoin?
It is a good idea to get in touch. X postDecode also shared a chart where he did an ABC Wave analysis of Bitcoin’s price. His analysis predicts that the crypto market leader will be able to continue its upward trend. drop below $100,000 It will rally to a new ATH level of $120,000 before it reaches a new low. BTC was predicted to fall as low at $96,500 in Wave B’s corrective movement.
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The drop from $96,500 to $96.500 will happen in this month. Decode believes that once this is accomplished, the Bitcoin price will rise above $122,500 before July ends. Wave C will be the impulsive upward move. It is in line with the veteran trader Peter Brandt’s prediction By late summer, BTC may reach a high of $150,000.
Crypto analyst KillaXBT has predicted The Bitcoin price may reach the target of $120,000 by the middle of June. The June FOMC is set for the 17th and 18th of June. Fed rate reduction could trigger such a massive rally in BTC prices.
As per CME FedWatch data97.4% of the time, interest rates will remain unchanged by the Fed. Market participants don’t expect a rate reduction, so if Jerome Powell or the FOMC surprised everyone, the Bitcoin price would surge. US President Barack Obama has declared that the US will not be cutting interest rates. Donald Trump yesterday urged Fed rates to be cut by 1 full point.
There’s a chance of a Breakout
It is a good idea to get in touch. X postCrypto analyst Titans of Crypto predicted that Bitcoin’s price would soon be breaking out. He said that BTC was progressing within a four-hour time frame. falling wedgeThis pattern is bullish. The analyst said that if confirmed, the breakout would target zones between $107,500 to $109,500, Fibonacci convergence areas.
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Crypto Analyst Kevin Capital highlighted Bitcoin’s price recovered in a V-shape pattern after dropping to $100,000 as recently as May 5. Analysts noted, however, that BTC’s recovery back to the $105,000 area won’t have any impact until it reaches the $150,000 zone. breaks above the $106,800 level. For a breakthrough, the crypto that is leading must have a track record of closings from 3 days to 1 week.
Bitcoin is currently trading around $100,000. Over 2% increase in the past 24 hours according to data CoinMarketCap.
Chart from Tradingview.com, image from Getty Images
“This article is not financial advice.”
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Source: www.newsbtc.com
