Over the past month, Bitcoin (BTC) prices have hardly grown in movements bound to the range between $103,000 and $110,000.
Since establishing a new high of $111,931 in late May, the best cryptocurrency has witnessed a significant level of sales pressure that prevents further levels of price discovery.
With this current market set up, popular traders with the abolition of X’s pseudonymous traders continue to take over the bullish potential of Bitcoin with another compelling price forecast.
Bitcoin Bull runs far away from analysts
with x post On June 14, Trader Tardigrade shares a fascinating analysis of the Bitcoin market, in which the flagship cryptocurrency suggests room for more price increases based on historical price data.
Using the BTC Daily Trading Chart, Tardigrade points to the recent formation of Golden Cross when the 50-day Simple Moving Average (50SMA) exceeds the 200-day Simple Moving Average (200SMA) amid the recovery of assets over the past two months.
Source: Trader Tardigrade/X
For context, Golden Cross is one of the most common bulls showing widespread price increases. This occurs when short-term moving averages exceed the long-term moving averages indicate a potential shift from a consolidated or downtrend to a strong uptrend.
Since 2023, three instances of 50/200 SMA Golden Cross have led to significant price increases to tunings of 49%, 125% and 68%.
Based on this history of prices, Tardigrade, assuming the latest Golden Cross Tips Bitcoin, achieves a market price of at least $152,000, representing a potential profit of 44.7% from the current market price in the worst case scenario.
However, in bullish circumstances, analysts predict that the best cryptocurrency could reach $229,000. This reflects the possibility of a price increase of 118% from the current valuation of the asset.
Tardigrade describes the feasibility of these predictions, focusing on the recent uptrends in Bitcoin, which generated an estimated 47% from its April low. In particular, Bitcoin prices have risen 656% since the current market cycle began in late 2022.
Bitcoin price overview
At the time of writing, BTC is valued at $105,552 after earning a 0.20% profit on past days. The flagship cryptocurrency also holds green performance over longer time frames, with an increase of 0.03% and 1.41% on the weekly and monthly charts.
Despite these positive numbers, Bitcoin’s recent price action has shown signs of fatigue, narrowing profit margins reflecting integration stages and sideways movements over the past week.
However, this cooling momentum has not weakened investors’ appetites. In particular, a was seen in the Bitcoin ETF market. Strong reboundLast week, it registered a net inflow of $1.37 billion and for two consecutive weeks, net outflow worth $286.81 million.
BTC crosses above $105,000 on the daily chart | Source: BTCUSDT on TradingView.com
ISTOCK featured images, TradingView chart
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