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After an inspirational start for the month of June, bitcoin investors were letting the following the largest encrypted currency in the world. Interestingly, the encryption analysts have always been a directive light whenever there was uncertainty about the next direction of the encrypted currency. As such, an expert in the prominent market is offered to drop the Bitcoin price.
How can bitcoin reach $ 150,000
In a recent publication on the X platform, the existing market technician Tony Severino put forward an interesting analysis of the Bitcoin price. According to the Crypto market expert, the BTC price can travel to a height of $ 150,000 in its next upward phase.
The logic behind this bullish projection is the formation of a bull science pattern on the daily time frame of bitcoin. The bull science is a technical analysis pattern characterized by a period of acute bullish movement (the science mast), followed by a side movement or prices down a little.
the Taurus science It is usually a prevailing continuation pattern of an existing upward trend, indicating a possible transition to a higher price point. However, it is important to wait for a successful outbreak of monotheism before making sure that the price will continue in its upward path.
Source: @TonyTheBullCMT on X
According to Severino, the Bitcoin price can be on its way to the highest new level ever if this bull science is valid and the price successfully separates from this style. The target of this chart style is usually determined by adding the vertical height of science to the potential penetration point of science.
What other indicators say
Severino highlighted another indicator and explained what you are currently saying in the upcoming Bitcoin match. For example, a Crypto expert stated that Bollengerer is enlarged, which means that although there are currently low fluctuations in the market, it may be a large price movement on the horizon.
Severino also mentioned that the price of bitcoin failed to reach the bottom range of the Bollinger Band index, which could be “Head Fake” before the leading cryptocurrency in the fresh range. However, investors may want to pay attention to near the level of $ 111,000 on the daily time frame to confirm the potential upward trend.
The closure below the lower range, which sits under the 101,000 brand, can propose a negative procedure for bitcoin price. From writing these lines, the BTC price exceeds $ 105,000, which reflects an increase of approximately 2 % over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
