Analyst TradingShot forecasts that Bitcoin could rise to $200,000 ahead of the next market peak. Key aspects of the analysis are linked to the asset's recovery and important resistance levels.
Bitcoin Price Structure
The long-term forecast for Bitcoin is based on its rebound from the 50-week moving average and a bounce at the 50-day moving average. The next critical test will be the 0.5 Fibonacci retracement level, which has capped gains since mid-2022.
Key Support Levels
Analyst Ali Martinez highlighted two key support levels at $118,163 and $116,934, where over one million Bitcoin changed hands. These price points serve as both technical and psychological barriers that could help absorb future selling pressure.
Current Market Data
As of the time of writing, Bitcoin is trading at $120,920, up more than 6% over the week. The asset remains well above its 50-day and 200-day moving averages, reinforcing a strong long-term uptrend. An RSI reading near 60 suggests that there is still room for growth before entering overbought territory.
The analysis indicates that Bitcoin has the potential to rise to $200,000 in the long term, while there are key support levels that could assist during price fluctuations.
