Following the recent surge to a new record high exceeding $125,700, Bitcoin’s price appears to be embarking on another trajectory that may lead to several new all-time highs. Currently, market sentiment has shifted back to positive, as indicated by the price’s ability to stay above $120,000, even amid corrective dips. Crypto analyst CrediBULL Crypto suggests that this trajectory could bring Bitcoin to $150,000, prompting this report to delve into the details.
Why Bitcoin’s Price Is On Track For $150,000 And The Optimal Time To Purchase
In an analysis shared with over 478,000 followers on the X (formerly Twitter) platform, CrediBULL Crypto emphasizes the recent surge that resulted in Bitcoin hitting a new all-time high. The analyst states that this was an impulse move, which is bullish and signifies that the cryptocurrency is set for another upward movement that will carry it to $150,000.
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Naturally, there have been pullbacks as Bitcoin has retested the $121,000-$122,000 range. Nevertheless, it has maintained its position, especially well above $108,400, which marked the beginning of this impulse wave. As this level represented the low that launched the recent uptrend, Bitcoin maintains a bullish stance as long as it remains above it.
This leads to the identification of specific areas that present good entry points. The crypto analyst denotes the next demand zone situated between $108,000 and $118,000, based on the structure of the last move.
CrediBULL Crypto notes that for traders who shorted during the range between $108,000 and $118,000 and find themselves with underwater positions, a return to this zone could create strong demand. Traders would be keen to either close their positions or buy in at these levels again. In either scenario, it would generate significant demand at this price point, making it a possible bounce zone.
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Based on this reasoning, if the Bitcoin price does retreat anywhere between $108,000 and $118,000, it would represent an optimal buying opportunity. “Dips into that zone of $108,000-$118,000 are a gift if we encounter them- and if not, then enjoy the ascent to $150,000,” the analyst remarked.
However, this scenario hinges entirely on Bitcoin remaining above the $108,400 starting point. Should the price dip below this threshold, it could invalidate the bullish outlook and potentially initiate further sell-offs.
Featured image from Dall.E, chart from TradingView.com
