Excitement is building in Bitcoin communities as predictions swirl that the cryptocurrency could surge to $130,000 within the next three months. Bitcoin recently achieved its strongest weekly performance in two months, gaining 4.24% and peaking at $88,804 within a single day.
Recent Bitcoin Growth and Indicators
Bitcoin recently achieved its strongest weekly performance in two months. The cryptocurrency’s price peaked at $88,804 within a single day, rekindling bullish sentiments, especially after closing above the 200-day exponential moving average (EMA). However, a weekly close above $84,600 is necessary to test the critical resistance level at $90,000.
Is Current Price Correction Beneficial?
Axel Adler Jr., a well-known researcher, highlighted that the recent price correction is a healthy break for the market. On-chain metrics have yet to enter the overheating phase, which indicates this dip does not suggest a bear market is on the horizon.
Is $130,000 Achievable for Bitcoin?
Adler Jr. believes Bitcoin’s price trajectory could indeed lead to a valuation of $130,000 in the next 90 days. However, he cautioned that seasoned traders might sell off once the price surpasses $123,000, potentially applying downward pressure in the short term. Recent data from Velo indicates a $1.5 billion rise in open interest in Bitcoin futures over the past day, with funding rates remaining neutral.
Price predictions for Bitcoin remain optimistic, though market dynamics will play a crucial role in determining the cryptocurrency’s next move.
