Bitcoin

when

Convergence

Divergence

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 <p class="paragraph">Bitcoin (BTC) has seen a notable uptrend this week, propelling the asset’s value to $67,000 as it aims for a new all-time high following a challenging start to May.</p>
 <p class="paragraph">One prevailing market sentiment suggests that Bitcoin’s next record-high target is $100,000 (create an alert), with speculation mounting that the milestone might be attained during the projected post-halving rally.</p>
 <p class="paragraph">In line with this sentiment, trading expert <em>TradingShot</em> shared insights in a <em>TradingView</em> post on May 18, drawing from Bitcoin’s technical indicators to outline the potential factors that could drive the asset to $100,000 and a possible timeline.</p>
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 <p class="paragraph"><em>TradingShot’s</em> <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> centered around the inverse head and shoulders (IH&amp;S) pattern, a bullish reversal formation observed in technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. Since May 6, the expert noted that expectations have been high for Bitcoin to break out above the lower highs trendline, a key indicator for the IH&amp;S pattern. True to expectations, Bitcoin duly delivered on this front.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="570" src="https://cdn.thebittimes.com/images/2024/05/19/5ad38299e1a577385c95b61966283acf.webp" alt class="wp-image-176826" srcset="https://cdn.thebittimes.com/images/2024/05/19/5ad38299e1a577385c95b61966283acf.webp 1024w, https://cdn.thebittimes.com/images/2024/05/19/5ad38299e1a577385c95b61966283acf.webp 300w, https://cdn.thebittimes.com/images/2024/05/19/5ad38299e1a577385c95b61966283acf.webp 768w, https://cdn.thebittimes.com/images/2024/05/19/5ad38299e1a577385c95b61966283acf.webp 1088w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-timeline-for-bitcoin-to-100-000">Timeline for Bitcoin to $100,000</h2>
 <p class="paragraph">Highlighting historical precedents, <em>TradingShot</em> noted that the previous two instances of IH&amp;S bottom formations resulted in significant price rises of around 95%. Moreover, the one-day Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook.</p>
 <p class="paragraph">Based on this <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, <em>TradingShot</em> predicted that Bitcoin will likely hit the $100,000 psychological target sometime after July.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“With the 1D MACD on the same Bullish Cross that was present on both of those bottoms, we are expecting the $100,000 psychological target to be reached after July, which will even be a rise below +90%,” the analyst noted.&nbsp;</p>
 </blockquote>
 <p class="paragraph">While the precise timing remains uncertain, the projection underscores Bitcoin’s prevailing bullish sentiment. This sentiment follows a significant correction in early May, with the asset dipping as low as $56,000.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-next-trading-pattern">Bitcoin next trading pattern</h2>
 <p class="paragraph">Indeed, the breach of the $65,000 resistance level was a critical juncture likely to dictate Bitcoin’s trajectory toward a new record high. Notably, the maiden cryptocurrency is consolidating around $67,000, a pattern that some analysts anticipate will continue.</p>
 <p class="paragraph">For instance, in a recent X post on May 19, crypto analyst Michaël van de Poppe advised investors not to anticipate further volatility in Bitcoin’s price.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“I’m not expecting massive volatility to come. I’d rather expect consolidation and slow upwards movements towards the all-time high,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">At the same time, according to a report by Finbold, crypto analyst <em>RLinda</em> suggested that Bitcoin bulls could be on the brink of breaking existing resistance levels. In this scenario, she highlighted key resistance levels to monitor at $67,250, $71,500, and $73,700 while emphasizing watching crucial support levels at $65,250, $64,500, and $61,500.</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 $67,280 with daily losses of about 0.12%, while on the weekly chart, BTC is up almost 10%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/19/86265d21ba03b6ba44cddade6913954a.webp" alt class="wp-image-176827" srcset="https://cdn.thebittimes.com/images/2024/05/19/86265d21ba03b6ba44cddade6913954a.webp 675w, https://cdn.thebittimes.com/images/2024/05/19/86265d21ba03b6ba44cddade6913954a.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Considering Bitcoin’s recent price movements, bulls face the challenge of maintaining the price above the $67,000 support level for a meaningful upside potential.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><strong><em>&nbsp;</em></strong><em>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/here-s-when-bitcoin-btc-can-hit-100k-tbt88889.html">https://thebittimes.com/here-s-when-bitcoin-btc-can-hit-100k-tbt88889.html</a></p>

Here’s when Bitcoin (BTC) can hit $100k

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