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Bitcoin has shown uncertainty since the decline that began after March. Following a prolonged consolidation in the market, especially in BTC, it is believed that the significant resistance level of $70,000 might be surpassed.
Bitcoin Price Comments
If the upward momentum continues, a new record level could emerge, with analysts predicting this level to likely be over $100,000.
During this period, crypto expert TradingShot shared a post on May 23, expressing their views. They added that Bitcoin is expected to enter a new rally phase after a consolidation period following the halving. This development aligns with notable price movements in previous Bitcoin cycles, suggesting a potential increase towards $150,000.
TradingShot emphasized the consolidation phase occurring in the two months before and after the halving event, a pattern seen in past Bitcoin cycles. They noted that this process has always been observed in the market. The mentioned consolidation phase is generally known to appear before a significant rally in Bitcoin’s price.
How Much Will Bitcoin Be Worth?
In the two-month period analysis, the Vortex Indicator (VI) and Commodity Channel Index (CCI) also highlight the symmetry in Bitcoin’s cycles. TradingShot’s analysis showed that VI peaks coincided with the first high low level after CCI’s bottom, indicating a predictable pattern in Bitcoin’s price movements.
As a result, we can expect the price to peak as early as the week of March 17, 2025. Perhaps the most important part is after each consolidation following the BBW bottom. Bitcoin’s first target was the orange trend line, MMB 3SD. This is currently at the $125,000 level, but the rally could approach $150,000 when it reaches this point.
It is worth noting that Bitcoin showed an upward trend throughout the week and finally reached the $71,000 level on May 21. The price increase coincided with significant inflows in spot purchases and spot Bitcoin exchange-traded fund (ETF) entries. Currently, two different views seem to be more frequently expressed in the market.
Some analysts believe the peak has already been seen, while others suggest that the bull run observed after each halving might have just begun.
