The leading cryptocurrency in terms of market value, Bitcoin, has once again surpassed the $100,000 milestone and has impressively maintained its position above this mark for over a week. Bitcoin’s close-term price trajectory appears to be on an upward trend, with industry professionals identifying key market trends that amplify the already positive forecast for this leading asset.
Just recently, a pseudonymous analyst, TradingShot, posted on TradingView, a prominent crypto data platform, pointing out an intriguing pattern that Bitcoin has been following since its low point on April 07. TradingShot noted that since Bitcoin hit rock-bottom at $74,500, it has been steadily advancing through all 10k intervals, from $74,000 to $84,000, $94,000, and currently hovers around the $104,000 mark.
Upon reaching these price milestones, Bitcoin has been experiencing a phase of price consolidation, forming what TradingShot describes as a “structured Channel Up”. Although this “Channel Up” may not be sustained in the long-term, its current consistency implies that Bitcoin could potentially target price levels beyond the $100,000 mark, with pivotal price points at $114,000, $124,000, and $134,000.
“If this pattern maintains its consistency as it has since hitting the low point, then we might witness $134k by late June or early July,” TradingShot noted in his concluding remarks. Despite Bitcoin being slightly off its all-time high of $109,114, Bitcoin bulls have risen by 22.68% over the past 30 days. As of the time of this report, Bitcoin is trading at a current press price of $103,596, with negligible weekly losses of 0.15% and an hourly gain of 0.01%.
It’s important to note that the global cryptocurrency market is trending upwards, with a total market cap valuation of $3.49 trillion and gains in the past 24 hours at 3.97%.
