In the past month has the prices bitcoin (BTC) Shown little growth with an interval -bound movement between $ 103,000 to $ 110,000.
Since establishing a new highest time of $ 111,931 at the end of May, premiere Cryptocurrency has witnessed significant levels of sales pressure that prevents additional levels of price discovery.
In the middle of the current market that is established, the popular trader with X pseudonym Trader Tardigrade continues to support Bitcoin’s Bullish potential with another compelling price prejudice.
Bitcoin Bull runs far from over – analysts
In an x post On June 14, traditional Tardigrade shares a captivating analysis of the Bitcoin market that suggests the flagship Cryptocurrency still has room for more price gains based on historical price information.
With the help of the BTC Daily Trading diagram, Tardigrade notes the latest formation of a Golden Cross that the 50-day simple variable average (50SMA) crossed over 200-day simple variable average (200SMA) in the middle of the asset recovery over the past two months.
Source: Trader Tardigrade/X
For the context, Golden Cross is one of the most common hause formations that indicates a comprehensive price collection forward. It occurs when a short -term sliding average moves over long -term sliding average that indicates a potential transition from consolidation or downward to a strong trend.
Since 2023, the three cases of 50/200 SMA Golden Cross have given significant price profits to 49%, 125%and 68%.
With this price story, Tardigrade postulates the latest Golden Cross Tips Bitcoin to hit a market price of at least $ 152,000 representing a potential 44.7% profit from current market prices in a worse case.
But under the circumstances of the hausse Premier Cryptocurrency could trade so high as $ 229,000, which reflects a possible price increase of 118% from the current valuation of the asset.
Tardigrade explains the feasibility of these predictions that notes Bitcoin’s latest trend that has produced an estimated 47% from low April. Noteworthy, Bitcoin’s prices have increased by 656% since the current market cycle began at the end of 2022.
Bitcoin price overview
At the time of writing, BTC is valued at $ 105,552 after a 0.20% win over the past day. The flagship Cryptocurrency also retains a green performance on longer time frames with winnings of 0.03% and 1.41% on weekly and monthly charts.
Despite these positive figures, Bitcoin’s latest price measure has shown signs of fatigue, with declining profit margins that reflect a consolidation phase and sideways movement during the past week.
However, this refrigerator has not muted the investor’s appetite. Noteworthy saw Bitcoin ETF market one Strong recoveryRegister net inflows of $ 1.37 billion last week, after two weeks with total net outflows valued at $ 286.81 million.
BTC crosses above $105,000 on the daily chart | Source: BTCUSDT on TradingView.com
Image from iStock, chart from tradingview
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