Bitcoin has been in a correction phase since then after trading nearly $112,000 to establish a new all-time high (ATH), and since then, it has lost more than 7% of its value. Despite this market downturn, the well-known crypto analyst with X username Killaxbt has provided a blow to regaining its bullish form of Prime Minister cryptocurrency and has quickly re-entered the price discovery territory.
Bitcoin traders should swing for a long time at $104,000 – Analysts
In the May 30 X post, Killaxbt shared a bullish Bitcoin price forecast that allowed investors to open long-term positions in the $104,000 price zone. When Bitcoin traded for $76,000 and $94,000, analysts who had previously made similar calls supported the asset’s potential to reach its $120,000 target in mid-June.
Regarding the ongoing market correction, KillaxBT explained that the recent decline is good and is consistent with the existing bullish price chart. Therefore, investors need to turn down the price and bearishness.
Additionally, analysts can reiterate that Bitcoin’s current uptrend can be described as a rally of Sideliners. This is because while a significant increase in M2 money supply indicates an increase in market liquidity, investors and traders are also involved, as indicated by the negative premium index and low funding rates.
This multiple development suggests that the current bullish momentum is built on long-term convictions that may be institutional investors or market whales, thus enhancing the potential of sustainable price rallies.
From the proposed trading chart, KillaxBT’s analysis shows that Bitcoin price correction has created a monthly open trap that happens to be below the investor’s $104,000 to open a long position with a target target of $120,000.
However, market experts also acknowledge that the potential for market unhappiness points to the decisive price below $97,000, which would invalidate the claimed bullish setting. In this case, Killaxbt proposed a recovery deal to target a $109,000 rebound by opening up in another long position below $97,000 to make up for losses and maintain upside potential.
Bitcoin price forecast
At the time of writing, Bitcoin has traded at $104,519 after the price of the past day has risen by 0.70%. Meanwhile, the trading volume of assets decreased by 34.21%, indicating a decline in market activity and transaction volume.
According to popular forecast website Concodex, Bitcoin investors are very optimistic despite the price drop. Coincodex’s price forecast for five days is $132,409, indicating a 26% return on the current market price.
Featured images from Galway Daily, charts from TradingView.com
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