Bitcoin (BTC) has grown little over the past month, while the range moves between $103,000 and $110,000.
Since establishing a new all-time high of $111,931 in late May, the Prime Minister’s cryptocurrency has seen significant levels of sales pressure to prevent further price discovery levels.
In the current market formation, popular traders with X pseudonym traders Tardigrade continue to support Bitcoin’s bullish potential with another compelling price forecast.
Bitcoin Bull is far from over – Analyst
In X postal On June 14, Trader Tardigrade conducted a fascinating analysis of the Bitcoin market, suggesting that flagship cryptocurrencies can still get higher price upsides based on historical price data.
Tardigrade uses the BTC daily trading chart to point out that the 200-day simple moving average (200SMA) in asset recovery rates in the last two months crossed the 200-day simple moving average (200SMA), which is the 50-day simple moving average (50SMA).
Source: Trader Tardigrade/X
In the context, the golden cross is one of the most common forms of bullishness, indicating a widespread gathering of prices. This happens when the short-term moving average exceeds above the long-term moving average, which indicates a shift from a solid or downward trend to a strong upward trend.
Prices for the three instances of the 50/200 SMA Golden Cross have risen to 49%, 125% and 68% since 2023.
Based on this price history, Tardigrade assumes the recent Golden Cross Tips Bitcoin, which, in worse cases, accounts for at least $152,000 in the current market price.
But in the bullish case, analysts predict that the Prime Minister’s cryptocurrency could trade as high as $229,000, reflecting a possible 118% increase over the asset’s current valuation.
Tardigrade explains the feasibility of these forecasts, noting that Bitcoin’s recent uptrend is estimated to generate 47% from its April lows. It is worth noting that the price of Bitcoin has risen 656% since the market cycle that began at the end of 2022.
Bitcoin Price Overview
At the time of writing, BTC has a value of $105,552 after growing 0.20% in the past few days. Flagship cryptocurrencies also retain green performance on a longer schedule, with earnings of 0.03% and 1.41% on weekly and monthly charts.
Despite these positive numbers, Bitcoin’s recent price action shows signs of fatigue, with profit margins shrinking the merger phase and lateral movements over the past week.
However, this cooling momentum has not curbed investors’ demand. It is worth noting that the Bitcoin ETF market has seen it Strong reboundnet inflows last week were $1.37 billion, and after two weeks of total net inflow bid, it was worth $286.81 million.
BTC crosses above $105,000 on the daily chart | Source: BTCUSDT on TradingView.com
Featured images from Istock, charts for TradingView
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
