Bitcoin (BTC) is consolidating below $60,000 as investors await a possible breakout, with lingering consensus that the cryptocurrency is poised for further long-term gains.
For instance, crypto analyst TradingShot suggested in a TradingView post on August 12 that Bitcoin is likely to reach $100,000 in the coming months. According to the expert, Bitcoin’s recent pullback is merely a technical correction, setting the stage for a powerful bull run.
TradingShot noted that over the past two weeks, Bitcoin’s price tested the 50-week moving average (1W MA50), a critical trend line that was only touched once in the previous bull cycle.
Bitcoin price analysis chart. Source: TradingView/TradingShot
While this event has triggered fears of a more significant downturn, TradingShot described it as a necessary market adjustment. This correction realigns the aggressive bull run, which began in March, with historical trends observed in previous cycles.
Additionally, the analysis drew parallels between the current and preceding cycles in 2016 and 2020. Historically, 630 days after a cycle bottom, Bitcoin traded just below its 0.236 Fibonacci retracement level.
However, Bitcoin’s recent drop occurred just above this level in the current cycle, signaling a more aggressive trend than in past cycles. This pattern suggests that Bitcoin is on a similar, more accelerated trajectory than previous cycles. The aggressive nature of the current bull run indicates that, despite the market’s correction, the long-term upward trend remains strong.
Bitcoin’s bull run resumption
Given the current market dynamics, TradingShot predicts that Bitcoin will soon resume its upward trajectory with increased momentum. By early 2025, Bitcoin is expected to break the $100,000 barrier, driven by this more aggressive bull trend. Moreover, by the summer of 2025, Bitcoin could reach the -0.618 Fibonacci extension level, a milestone achieved in previous cycles.
“We expect BTC to resume the rally and continue on a more aggressive tone than in the past and by early 2025 break above $100k,” the expert stated.
Indeed, Bitcoin’s recent failure to hold above $60,000 was attributed to a lack of buying interest among institutions, a trend linked to reduced activity around stablecoin purchases.
Notably, investors were anticipating a possible Bitcoin rally after a discussion between Republican presidential candidate Donald Trump and Tesla (NASDAQ: TSLA) CEO Elon Musk on X. There was anticipation that the subject of crypto and regulations would be brought up, but it was not discussed.
Bitcoin price analysis
At the time of reporting, Bitcoin traded at $58,960, gaining about 0.3% in the last 24 hours. On the weekly chart, BTC is up almost 7% as the asset seeks to reclaim the $60,000 resistance zone.
Bitcoin seven-day price chart. Source: Finbold
Overall, investors should pay attention to Bitcoin’s ability to hold above the $58,000 support level, as dropping below this mark could see the asset target $50,000. At the same time, general economic momentum will also play a key role in determining Bitcoin’s trajectory in the coming months.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
