Bitcoin Price Analysis: As BTC Closes On $100K, Bitwise Sees $500K Ahead And Traders Pile Into The Best Crypto Wallet ICO That’s Blasted Past $250k
The Bitcoin price climbed 3% in the last 24 hours to trade at $89,406 as of 02:28 a.m. EST even as trading volume fell 1% to $116.8 billion.
This comes as Bitwise CIO Matt Hougan predicts Bitcoin could reach $100,000 soon. He also projects the Bitcoin price heading for a $500,000 valuation, aligning its status with gold in terms of market acceptance and stability.
Bitcoin has been making massive moves in the last few days, with BTC hitting a new all-time high (ATH) of $93,477 yesterday.
Bitcoin Price Could Continue Soaring
The Bitcoin price trend has turned significantly bullish, as indicated by the strong recent price breakout above key resistance levels and moving averages, as well as the parabolic move in the latter part of the chart.
This rally suggests strong momentum in favor of buyers, possibly pointing to further upside, though such moves can often lead to overextended conditions.
The BTC/USD chart displays a clear inverse head and shoulders pattern, with the left shoulder, head, and right shoulder marked. This pattern is traditionally a bullish reversal signal, implying that a downtrend has likely reversed into an uptrend.
After the right shoulder formed, the price broke above the neckline, confirming the pattern and triggering a strong upward movement.
Data from GeckoTerminal now indicates that the Bitcoin price may still soar after a recent parabolic rise, supported by the $65,000 level.
The price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the ongoing rally.
The Relative Strength Index (RSI) is currently around 81, which is in overbought territory (typically above 70). An overbought RSI does not necessarily mean an immediate reversal, but it indicates that the price of Bitcoin may be overextended in the short term and could face a consolidation or minor pullback.
The Moving Average Convergence Divergence (MACD) line (blue) is well above the signal line (orange), indicating bullish momentum. The gap between the MACD and signal line has increased, which suggests strong upward momentum. Additionally, the MACD histogram shows large positive bars, reinforcing the strength of the bullish move.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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