Bitcoin Eyes $150K as Analysts Highlight Bullish Patterns and Key Support Levels
December 15, 2024 12:00 1 min. read
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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