After trading at nearly $112,000 to establish a new all-time high (ATH), Bitcoin has since fallen into a correctional phase, losing more than 7% of its value. Despite this market slump, the well-known Crypto analyst using the X username KillaxBT tilts the best cryptocurrency to regain its bullish form and quickly reenters the realm of price discovery.
Bitcoin traders need to swing for a long time at $104,000 – Analyst
In a post on May 30th, KillaxBT shared a bullish Bitcoin price forecast that fine-tunes investors to open longer positions in the $104,000 price range. Analysts who previously made similar calls when Bitcoin traded at $76,000 and $94,000 are supporting the possibility of reaching a price target of $120,000 by mid-June.
Regarding the ongoing market correction, KillaxBT explains that recent declines are well expected and are consistent with the existing bullish price map. Therefore, there is little need for investors to be bearish.
Furthermore, analysts repeat that the current uptrend in Bitcoin can be described as a sidener gathering. This is because even though a significant increase in M2 money supply indicates an increase in market liquidity, participation from investors and traders is also low, as indicated by negative premium indexes and low funding rates.
This multiple development suggests that current bullish momentum is built on long-term convictions, perhaps by institutional investors and market whales, by strengthening the potential for sustainable price rallies.
From the trade charts presented, KillaxBT analysis suggests that Bitcoin’s price adjustments have created a monthly open trap where the investor’s price adjustments fall below the investor’s $104,000 open position, opening a long position with a price target of $120,000.
However, market experts acknowledge the possibility of market upsetting, noting that a critical price below $97,000 will negate bullish setups. In such a scenario, KillaxBT proposes a recovery deal by opening another long position below $97,000, targeting a rebound to $109,000 to recoup losses and maintaining an upside-down exposure.
Bitcoin price forecast
At the time of writing, Bitcoin is trading at $104,519 after a price rise of 0.70% on the past day. Meanwhile, asset trading volume has declined by 34.21%, indicating a decline in market activity and number of transactions.
Bitcoin investors are extremely bullish despite recent price drops, according to popular forecasting site CONCODEX. Cincodex shares similar sentiments in its price forecast of $132,409 over five days, suggesting a potential 26% increase in current market prices.
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