Bitcoin's recent growth has caught the attention of analysts and investors, as the cryptocurrency breached the $123,000 mark, making considerable progress.
Current Achievements of Bitcoin
Bitcoin is continuing its parabolic trajectory, reaching $123,000. The Bitop analysis team notes that the cryptocurrency's technical indicators are now adjusting towards a new short-term target range between $135,000 and $140,000. The successful breakout from the expanding wedge pattern confirms earlier bullish forecasts.
Future Development Scenarios
The Bitop analysts outlined two possible scenarios for Bitcoin's further movement: 1) A breakout above the historical high of around $112,000, which would trigger a rise towards $117,000–$120,000; 2) A brief drop to $92,000 to fill the CME gap, followed by a rise towards the same target zones.
Supporting Factors for Growth
Macroeconomic conditions and key indicators also support a bullish outlook for Bitcoin. U.S. President Donald Trump’s approval of the debt ceiling increase may lead to an expansion of the M2 money supply, which has historically correlated with rising asset prices, including Bitcoin. The MACD, MVRV, and RSI indicators all confirm that Bitcoin is still far from a macro top, making the $135,000 to $140,000 range a reasonable target for the mid-term.
The surge of Bitcoin above $123,000 may signify the start of a new supercycle, with potential short-term corrections leading to significant further price increases.
