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Bitcoin Eyes $150K as Analysts Highlight Bullish Patterns and Key Support Levels
December 15, 2024 12:00 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
Bitcoin remains in a consolidation phase above $100,000, showing no significant movements in the past 24 hours.
Key indicators, including its position above the 50-day and 200-day SMAs, suggest continued bullish momentum, supported by an “Extreme Greed” market sentiment score of 83.
The “3 Expansion Phases” pattern, highlighted by TradingShot, indicates Bitcoin could reach $150,000 by mid-2025.
This pattern, characterized by sharp price rises and brief consolidations, aligns with historical trends. The current phase is supported by the one-week RSI and strong support above the 50-week moving average, signaling further upward potential.
Institutions like Standard Chartered and VanEck forecast Bitcoin prices between $180,000 and $200,000 by 2025, driven by institutional inflows. In the short term, analysts point to an ascending triangle pattern on the eight-hour chart, with a potential breakout targeting $112,000.
On-chain analysis warns that when Bitcoin’s supply held at a loss drops below 4%, it may signal the bull market peak, urging investors to consider exiting positions. Bitcoin’s key level remains $100,000—dropping below could mean further losses, but staying above may pave the way to $105,000 and beyond.
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