Bitcoin Price Will Touch US$115,000? This is the Analysis!
06 Oktober 2024
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Blockchainmedia - According to one of the leading crypto analysts, Cryptorphic, Bitcoin (BTC) is expected to reach a price of US$115,000 in the next few months.
The crypto market itself is showing strong signs of continuing the bullish trend that was previously stalled.
While most investors hope to see BTC reach US$200,000 or more, he says a realistic target price for bitcoin is currently US$115,000.
In the analysis he expressed on the Tradingview site, he also revealed that if BTC reaches that level, altcoins will benefit greatly.
“If BTC reaches US$115,000, altcoins could surge 20 times or even 50 times!” he stressed.
Liquidity as a Magnet in Bitcoin Movement
The monthly movement pattern of BTC against the US Dollar follows the liquidity mechanism and often acts like a magnet in the crypto market.
When a large green candlestick appears, the price tends to move to capture the liquidity of that candle after the next few candles have formed.
This can be seen clearly from the movement pattern of BTC over the last seven months, which continues to increase slowly. Whales, who are known as big investors, often use this pattern for accumulation.
For example, in the February 2024 candle, the liquidity between the highest price in January 2024 and the lowest price in March 2024 has been taken.
With this movement, the price is expected to continue to rise, with the candle currently trying to close above the closing level in August, namely US$58,963.
If this candle successfully closes above that level, a hammer pattern will form which shows a very strong bullish signal.
Bitcoin Price Increase Potential and RSI Indicator
According to him, currently the RSI (Relative Strength Index) indicator shows a level that still has room for movement higher. In each previous bull run, the RSI usually rose to a certain level before entering the overbought point.
"Talking about indicators, currently the RSI is around 63.13, and in every bull run, it usually rises to 92, entering the overbought zone," he said.
Apart from that, he also reminded that a 10 to 20 percent price decline in altcoins is not something long-term investors need to fear. Price corrections are a natural part of the dynamics of a market as volatile as crypto.
He emphasized the importance of remaining calm and understanding that price corrections provide opportunities to buy at lower price levels.
Post-Halving Consolidation and Long-Term Trends
After each halving event, Bitcoin also usually experiences a consolidation phase of 5 to 6 months. This phase is also clearly visible on the chart which shows that Bitcoin is in a post-halving consolidation period at the moment.
Even though the market is showing signs of strengthening, many traders who only focus on short time frame charts such as 15 minutes often fail to see the big picture using wider time frames.
He stated that this momentum must be used to take a solid position. By paying attention to existing patterns, the next six months will be an interesting period for crypto price growth.
Critical Level at US$66,000 and Bearish Scenario
Even though it is predicted to break US$115,000, other technical analysis shows that the price is currently trading slightly above the EMA-200D level, a critical level that can determine whether the price will continue to rise or undergo a correction.
Sumber : investing.com