Bitcoin could double to USD 120,000 before 2025
Technical Analysis of Bitcoin (BTC/USD):
The technical picture for Bitcoin (BTC/USD) is now very bullish, indicating that the next big move could be up to around $120,000.
Preferably during 2024 and before the calendar shows 2025.
As you know, BTC/USD had a strong rise at the start of 2024, and then broke through the resistance level at the upper trend line in the rising trend.
It signals a new and steeper rising trend.
New highly positive technical signals were triggered for BTC/USD as it broke through previous all-time high levels around USD 60,000.
In recent months, BTC/USD has consolidated within a rectangular consolidation formation, and where there is considerable technical support around the USD 60,000 level, and technical resistance around the USD 74,000 level.
Now BTC/USD is again testing the very important and significant technical support level in this rectangle consolidation formation, and is now also finding support down against what was previously the upper trend line in the previous uptrend from which it thus broke up at the beginning of 2024.
Various momentum indicators such as the RSI and Stochastics both show a heavily oversold situation now for BTC/USD and indicate that another upturn is likely within a short time.
MACD momentum indicator is also very close to trigger buy signal now for BTC/USD.
Based on this overall technical picture for BTC/USD, a new upturn is signaled for BTC/USD, and if there is an established break above the USD 74,000 level.
Yes, a very strong technical buy signal will be triggered for BTC/USD, and there will be little technical resistance for further upswing until up towards the upper trend line in the new and steeper rising trend.
So a potential of USD 120,000+ and preferably during the autumn of 2024 and before the calendar shows 2025.
That's how StockCharts365.com rates the overall technical picture for BTC/USD today.
What could possibly change this now very positive technical picture for BTC/USD would be if there were to be an established break below the USD 58,000 level, and that BTC/USD re-enters its previous rising trend channel.
The technical picture for Bitcoin (BTC/USD) is now very bullish, indicating that the next big move could be up to around $120,000.
Preferably during 2024 and before the calendar shows 2025.
As you know, BTC/USD had a strong rise at the start of 2024, and then broke through the resistance level at the upper trend line in the rising trend.
It signals a new and steeper rising trend.
New highly positive technical signals were triggered for BTC/USD as it broke through previous all-time high levels around USD 60,000.
In recent months, BTC/USD has consolidated within a rectangular consolidation formation, and where there is considerable technical support around the USD 60,000 level, and technical resistance around the USD 74,000 level.
Now BTC/USD is again testing the very important and significant technical support level in this rectangle consolidation formation, and is now also finding support down against what was previously the upper trend line in the previous uptrend from which it thus broke up at the beginning of 2024.
Various momentum indicators such as the RSI and Stochastics both show a heavily oversold situation now for BTC/USD and indicate that another upturn is likely within a short time.
MACD momentum indicator is also very close to trigger buy signal now for BTC/USD.
Based on this overall technical picture for BTC/USD, a new upturn is signaled for BTC/USD, and if there is an established break above the USD 74,000 level.
Yes, a very strong technical buy signal will be triggered for BTC/USD, and there will be little technical resistance for further upswing until up towards the upper trend line in the new and steeper rising trend.
So a potential of USD 120,000+ and preferably during the autumn of 2024 and before the calendar shows 2025.
That's how StockCharts365.com rates the overall technical picture for BTC/USD today.
What could possibly change this now very positive technical picture for BTC/USD would be if there were to be an established break below the USD 58,000 level, and that BTC/USD re-enters its previous rising trend channel.
You are welcome to visit StockCharts365.com and read more technical analyzes there about shares in the US, shares in the Nordics, important stock market indices, currencies, cryptocurrencies and commodities.
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