Analyst’s Bullish Call: Bitcoin Primed For Massive Jump To $127,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	557,832,369	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

557,832,369

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.023	-4.19%	0.526	0.527	0.528

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.023

-4.19%

0.526

0.527

0.528

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.55605	0.518	0.550	0.549	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.55605

0.518

0.550

0.549

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	21:38:55	18.79	0.526	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

21:38:55

18.79

0.526

USD

Price x Volume	Volume	Base Symbol	Related Pairs
867,893.00	1,624,671.93	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

867,893.00

1,624,671.93

Analyst’s Bullish Call: Bitcoin Primed For Massive Jump To $127,000

18/06/2024 8:00pm

NEWSBTC

Bitcoin, the undisputed king of cryptocurrencies, finds itself in a tug-of-war between bullish whispers and bearish roars. While some analysts point to technical indicators hinting at a price surge, others warn of potential pitfalls lurking beneath the surface. Related Reading: Metrics Signal Bitcoin Price Increase – But When Is Anyone’s Guess Bulls See Bullish Flags And Futures Technical analysts are a curious breed. They speak in a language of charts, patterns, and indicators, deciphering the cryptic movements of the market. One such indicator, the bullish flag pattern, has some analysts, like Gert van Lagen, cautiously optimistic. $BTC [2D] – The handle of the 3Y+ Cup with Handle itself qualifies as a bullflag targeting $127k. Price clearly has broken out of and successfully retested the flag for support.#BTC is ready for the next leg up 📈 Invalidation setup: close below$60k pic.twitter.com/5fDkeubpvT — Gert van Lagen (@GertvanLagen) June 16, 2024 This pattern suggests a potential price increase based on recent price movement, with Bitcoin consolidating within a specific range before a potential breakout. Lagen added that BTC had tested the support with success. If that’s accurate, then Bitcoin might start a bull run shortly and reach $127,000 in the upcoming weeks or months. Adding fuel to the bullish fire is the apparent dominance of buying sentiment among futures investors. Futures contracts allow investors to speculate on the future price of an asset, and in this case, it seems many are betting on Bitcoin’s rise. This could create a self-fulfilling prophecy, as increased buying drives the price up, attracting even more buyers. A Worrying Trend? Meanwhile, on-chain data, which tracks the movement of Bitcoin on the blockchain, reveals a concerning trend. There’s been a surge in deposits to exchanges, indicating investors are moving their Bitcoin to platforms where they can be easily sold. This suggests a potential selling spree on the horizon, which could put downward pressure on the price. Bitcoin Short-Term Outlook The immediate future of Bitcoin appears precariously balanced on a tightrope. Technical indicators like RSI, CMF, and MACD, which measure momentum and investor strength, are currently bearish, suggesting a continued price decline. This aligns with the prediction of some analysts who see Bitcoin potentially dipping as low as $60,000 in the coming days if the bearish trend continues. Related Reading: Polkadot (DOT) Struggles Near $6.30 – Is Now The Time To Accumulate? However, there’s a silver lining for the bulls. If Bitcoin can defy the bearish signals and turn bullish, analysts predict an initial climb to $67,650. This short-term price movement will likely hinge on a delicate balance between buying pressure and any potential selling sprees. Featured image from YouTube, chart from TradingView

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