| Quick Facts | Bitcoin Shows Signs of Easing Momentum | What’s Next for Bitcoin? |
Quick Facts
- Bitcoin’s RSI has dropped 15% and is now below the overbought threshold, signaling cooling buyer enthusiasm.
- Bitcoin futures perpetual CVD trended lower, hinting at stronger sell-side flows and a more cautious stance among traders.
- Some analysts, such as Michael van de Poppe, believe that Bitcoin’s price could retest the $102,000 level before continuing its upward trend.
- Rekt Capital has predicted a cycle top of $135,000 for BTC price if it repeats a 2024 pattern in the weekly timeframe.
- The idea that Bitcoin’s price could continue to rise towards $150,000 or higher is also supported by Titan of Crypto and other analysts.
Bitcoin Shows Signs of Easing Momentum, But Traders Still Expect $150K
The Bitcoin (BTC) market has been on a wild ride lately, with the price hitting fresh all-time highs of nearly $112,000 on May 23. However, in recent days, signs of easing momentum have emerged, and some analysts are predicting that the price may drop before continuing its upward trend.
According to Glassnode, a market intelligence firm, Bitcoin’s daily relative strength index (RSI) has dropped 15% and is now below the overbought threshold. This decline may signal cooling buyer enthusiasm, reduction in upward momentum, and a potential pause or reversal in the recent bullish trend.
Additionally, Glassnode’s perpetual CVD (Funding Rates) data shows that Bitcoin futures open interest (OI) rose to all-time highs, but the perpetual CVD trended lower, hinting at stronger sell-side flows and a more cautious stance among traders.
Despite these signs of easing momentum, many traders and analysts remain bullish on Bitcoin’s prospects. In fact, some experts are even predicting that the price could reach $150,000 or higher in the coming months.
One such analyst is Michael van de Poppe, the founder of MN Capital. Van de Poppe believes that Bitcoin is looking to attack its all-time highs and could retest the $102,000 level before relaunching higher towards $115,000 and beyond. He adds that “up we go” for Bitcoin’s price.
Another analyst, Titan of Crypto, has predicted a cycle top of $135,000 for BTC price if it repeats a 2024 pattern in the weekly timeframe. This prediction is based on Fibonacci retracement levels, which are a popular tool used by technical analysts to identify potential price targets.
The idea that Bitcoin’s price could continue to rise towards $150,000 or higher is also supported by Rekt Capital, a pseudonymous analyst who has been tracking Bitcoin’s price action for several years. In a recent tweet, Rekt Capital shared his Bitcoin price discovery roadmap, which shows that the cryptocurrency is transitioning into Price Discovery Uptrend 2.
This uptrend 2 is similar to Bitcoin’s price action between January 2024 and March 2024, when the cryptocurrency rallied more than 91% to its previous all-time highs above $73,000. If the same scenario were to play out again, Rekt Capital notes that BTC could reach its next peak of around $150,000.
However, not all analysts are convinced that Bitcoin’s price will continue to rise unchecked. Some experts, such as AlphaBTC, believe that the cryptocurrency’s recent run-up has created a “buy the dip” scenario, where investors are looking for opportunistic buying positions at lower prices.
In this scenario, AlphaBTC believes that Bitcoin’s price may drop back down to the $102,000 level before continuing its upward trend. This view is supported by data from Cointelegraph Markets Pro, which shows that Bitcoin trading volumes have been declining in recent days, indicating a potential shortage of buyers at current prices.
What’s Next for Bitcoin?
As Cointelegraph reported, Bitcoin is looking for its next catalyst to reach the target of $155,000 after successfully retesting the key level at $106,000. With many analysts predicting that the price will continue to rise, it’s likely that Bitcoin will remain a hot topic in the cryptocurrency market for the foreseeable future.
However, as always, the future of Bitcoin’s price is uncertain, and investors should remain cautious and do their own research before making any investment decisions.
