Bitcoin price is showing bullish signals despite economic challenges and ETF outflows. Experts predict a potential rise to $150,000.
Bitcoin Technical Analysis: Possible Breakout
Bitcoin's price hovers around $83,954, down 22% from its all-time high of $109,312 recorded on January 20. Despite this correction, analysts remain confident in Bitcoin's bullish trajectory. Trader Merlijn The Trader pointed to a Stochastic RSI crossover, noting that the last time this pattern emerged, BTC surged 97%.
Optimism from Bullish Patterns
Trader Captain Faibik highlighted a bullish pennant on the hourly chart, suggesting an upside target of $85,600 in the near term. Analyst Madden sees Bitcoin price reclaiming $100,000 soon, citing a Deep-Crab harmonic and Wolfe wave pattern. Madden indicates that BTC has bottomed out at $76,600 and is now reversing upwards.
Bitcoin's Four-Year Cycle
Historically, Bitcoin follows a four-year cycle tied to its halving events. Analyst Danny_Crypton noted that BTC's major bull runs tend to start 170 days after a halving and peak 320 days later. The most recent halving occurred on April 20, 2024, resulting in a 31% price increase since then. Fundstrat's Tom Lee remains confident, stating that Bitcoin is still their favorite asset.
Despite short-term volatility, Bitcoin's long-term cycle remains a key factor. A move above $90,000 could confirm a bullish reversal.
