Key Points:
Bitcoin has found support at $107,245, indicating that investors’ sentiment remains positive, indicating that all minor dips are being purchased.
Bitcoin (BTC) is trying to bounce back the moving average, indicating purchases at dip. The price is just below the all-time high of $111,980, but it’s not yet in the overvalued zone. Cryptoquant contributor Axel Adler Jr. said in an X post that 1.1x Mayer Multies is “in the neutral zone (0.8-1.5-)”.
Can Bitcoin break out of all-time highs and resume uptrends? Let’s analyze and explore the chart.
Bitcoin price forecast
Bitcoin is squeezed between a 20-day Exponential Moving Average (EMA) ($107,314) and an overhead resistance of $110,530.
The 20-day EMA and relative strength index (RSI) for the positive zone indicate that breaks can occur upside down. If the $110,530 resistance is scaled, the BTC/USDT pair could later challenge the reverse head and shoulder pattern neckline at a record high of $111,980.
Sellers are expected to defend the neckline vigorously as a break above it completes a bullish setup. This opens the door to a potential gathering towards a $150,000 pattern goal.
This optimism will be void in recent years when prices fall and fall below the 50-day Simple Moving Average (SMA) ($106,642). It can seduce short-term buyers to book profits and attract the pair to $104,500, and then $100,000.
Related: Bitcoin prices are 72% and 84%, and the last two BTC holders did this
The pair finds support for $107,245, indicating that all minor dips are being purchased. When a buyer drives prices above the downtrend line, the developing descending channel pattern is invalidated. Failure of the bearish pattern increases the chances of breaks above $110,530. In that case, the pair could rise to $111,980 and then rise to $113,500.
Instead, when the price drops and falls below $107,245, the bearish setup is complete. This could result in the pair sinking into a $103,960 pattern target.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
