Bitcoin price analysis: will bitcoin hit $150k?

The bitcoin price analysis shows it remains in a bull trend above $65,000

Contents

The successful debut of the ProShares Bitcoin Strategy ETF (BITO) sent Bitcoin (BTC) surging to a new all-time high on 20 October. This pulled the total crypto market capitalisation to about $2.7trn, according to coinmarketcap.

Several analysts believe the bullish momentum will continue and Bitcoin could even rally to $100,000 by the end of the year.  

Leah Wald, chief executive at Valkyrie Investments, told Bloomberg: “Should the bullish momentum continue, it isn’t out of the realm of possibility to hit $80,000. I think $100,000 this year is a bit optimistic, but anything is possible and it wouldn’t surprise me if we somehow pushed that far north.”

Analysts at Fundstrat Global Advisors are even more bullish as they anticipate BITO to attract $50bn in inflows in the first year itself and they project Bitcoin to reach $168,000.

PlanB, the creator of the stock-to-flow (S2F) model for Bitcoin, said  in an interview with Anthony Pompliano in The Daily Hodl: “I would be very, very surprised if Bitcoin’s price would be below $100,000 at the end of the year. I do think we will see a price that is at least $135,000 by Christmas because that’s what my floor model says."

While several analysts are bullish, Black Swan author Nassim Nicholas Taleb recently likened Bitcoin to be in a bubble similar to the tulip bubble mania in the 17th century.

With uber-bullish targets being thrown in the air, it is easy to get carried away and chase prices higher. Will bitcoin go up and reach these skyhigh target? Let’s see what charts project. Read our bitcoin price analysis to find out.

Bitcoin price technical analysis: weekly chart

Bitcoin weekly price chart
Weekly price chart. Credit: Currency.com

BTC’s price broke above the all-time high this week, signaling the possible resumption of the uptrend. The rising moving averages and the relative strength index (RSI) near the overbought zone suggest that bulls are in command.

If bulls sustain the price above $65,000, the BTC/USD pair could start its northward journey toward the target objective of $90,428.60. However, it may not be an easy climb higher because bears are likely to mount a stiff resistance at the psychological level at $75,000.

However, if buyers fail to achieve a weekly close above $65,000 the bears will sense an opportunity and will try to trap the aggressive bulls. The major level to watch on the downside is $52,953.85.

If bulls flip this level into support, the pair will attempt to resume the up-move. But if the support cracks, the selling could intensify and the decline could extend to the uptrend line.

The bitcoin price analysis shows that bulls are in control but bears may not throw in the towel easily.

Bitcoin price technical analysis: daily chart

Bitcoin daily price chart
Bitcoin daily price chart. Credit: Currency.com

BTC’s price pulled back below $65,000 on 21 October as short-term traders may have booked profits. The first support to watch on the downside is the 20-day exponential moving average (EMA). If the price sustains above this level, the uptrend remains intact.

The price action of the past few months has formed a large rounding bottom pattern, which will complete on a close above the overhead zone of $65,000 to $67,020. This bullish setup has a target objective of $101,361.

Conversely, if the price turns down from the current level on the overhead resistance and plummets below the 20-day EMA, it will indicate that bulls may be losing their grip. The pair could then drop to the 50-day simple moving average.

Bitcoin buy or sell at current levels

Bitcoin is in a strong uptrend but bulls will have to successfully defend the $65,000 level to sustain the momentum. If they manage to do that, the pair could rise to $75,000 and then to $90,428.60. This positive view will invalidate in the short term if Bitcoin breaks and sustains below the 20-day EMA.  

The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial advisor before arriving at a decision. 

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image