2024

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 <p class="paragraph">After weeks of appearing to consolidate, Bitcoin (BTC) aims to establish its price above the crucial resistance level of $70,000.</p>
 <p class="paragraph">Indeed, if the crypto manages to sustain the current bullish momentum, the market anticipates that it will rally to a new record high, possibly above $100,000.</p>
 <p class="paragraph">Consequently, crypto trading expert <em>TradingShot </em>noted in a <em>TradingView </em>post on May 23 that Bitcoin is forecasted to enter a new rally phase following a period of <a rel="noopener noreferrer nofollow" title="consolidation" href="https://thebittimes.com/tag/consolidation.html">consolidation</a> post-<a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>. This development aligns with historical patterns in previous Bitcoin cycles, signaling a potential surge towards $150,000.&nbsp;</p>
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 <p class="paragraph">For instance<em>, TradingShot</em> noted the consistent occurrence of a two-month <a rel="noopener noreferrer nofollow" title="consolidation" href="https://thebittimes.com/tag/consolidation.html">consolidation</a> phase before and after the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> event, a pattern observed in past Bitcoin cycles. This <a rel="noopener noreferrer nofollow" title="consolidation" href="https://thebittimes.com/tag/consolidation.html">consolidation</a> phase typically precedes a significant rally in Bitcoin’s price.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="571" src="https://cdn.thebittimes.com/images/2024/05/25/bb64104275d7ee7f750f11e4bf8e58b5.webp" alt="" class="wp-image-178338" srcset="https://cdn.thebittimes.com/images/2024/05/25/bb64104275d7ee7f750f11e4bf8e58b5.webp 1024w, https://cdn.thebittimes.com/images/2024/05/25/bb64104275d7ee7f750f11e4bf8e58b5.webp 300w, https://cdn.thebittimes.com/images/2024/05/25/bb64104275d7ee7f750f11e4bf8e58b5.webp 768w, https://cdn.thebittimes.com/images/2024/05/25/bb64104275d7ee7f750f11e4bf8e58b5.webp 1113w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
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 </figure>
 <p class="paragraph">Moreover, the expert also reviewed the impact of technical indicators such as the Mayer Multiple Band (MMB) and the Bollinger Bands Width (BBW). <em>TradingShot </em>suggested that trading above the MMB of 1 Standard Deviation (SD) indicates a bullish trend, particularly after the BBW bottoms out.&nbsp; A surge has historically followed this pattern in Bitcoin’s price towards the MMB 3SD level.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-next-price-target-nbsp">Bitcoin’s next price target&nbsp;</h2>
 <p class="paragraph">The Vortex Indicator (VI) and the Commodity Channel Index (CCI) in the two-month time frame also highlight the symmetry in Bitcoin’s cycles. <em>TradingShot’s</em> analysis indicated that VI tops coincide with CCI’s first higher low after a bottom, suggesting a predictable pattern in Bitcoin’s price movements.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“As a result, we can expect the price to top by the week of March 17 2025 the earliest. &lt;…&gt; The most important part perhaps is that after each consolidation after the BBW bottom. Bitcoin’s immediate target was the MMB 3SD, which is the orange trend-line. That is currently at $125k but by the time the rally reaches it, it could be closer to $150k,” the analyst said.&nbsp;</p>
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 <p class="paragraph">It’s worth noting that Bitcoin has exhibited bullish sentiments in the short term, with the crypto hitting the $71,000 mark on May 21. The rally coincided with a significant surge in spot buying and spot Bitcoin exchange-traded fund (ETF) purchasing.</p>
 <p class="paragraph">As things stand, the market seems to be on edge regarding the implications of the current price movement. Some believe the recent bull run has peaked, while others suggest that a new bull run consistent with the Bitcoin post-<a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> price movement has begun.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $69,103 with daily gains of almost 2.5%. On the weekly chart, BTC is up 2.67%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/25/5a08325783aa60eb1a1ac23939e67c64.webp" alt="" class="wp-image-178339" srcset="https://cdn.thebittimes.com/images/2024/05/25/5a08325783aa60eb1a1ac23939e67c64.webp 675w, https://cdn.thebittimes.com/images/2024/05/25/5a08325783aa60eb1a1ac23939e67c64.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Elsewhere, Bitcoin’s technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> is dominated by bullish sentiments. According to data retrieved from <em>TradingView,</em> a summary of Bitcoin’s one-day gauges indicates a ‘buy’ at 15, while moving averages are at ‘strong buy’ at 14. Oscillators, on the other hand, are ‘neutral’ at 9.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="203" src="https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp" alt="" class="wp-image-178340" srcset="https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp 1024w, https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp 300w, https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp 768w, https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp 1536w, https://cdn.thebittimes.com/images/2024/05/25/d12fe906c85d881fb409f146a319fcc0.webp 1595w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, most of the market anticipates that Bitcoin will sustain its current momentum, but a continuation of the rally significantly hinges on breaching the $70,000 resistance zone.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-attack-mode-btc-set-for-150k-after-post-halving-consolidation-tbt89752.html">https://thebittimes.com/bitcoin-attack-mode-btc-set-for-150k-after-post-halving-consolidation-tbt89752.html</a></p>

Bitcoin attack mode: BTC set for $150k after post-halving consolidation

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