After exchanging nearly $ 112,000 to establish a new summit of all time (ATH), Bitcoin has since slipped into a corrective phase losing more than 7% of its value since then. Despite this slowdown in the market, an eminent crypto analyst with the username of X Killaxbt changed the first cryptocurrency to regain its bullish form, and soon enters the price of price discovery.
Bitcoin traders should swing for a long time at $ 104,000 – analyst
In a post X on May 30, Killaxbt shared an upward prediction in Bitcoin prices, investors to open a long position in the price zone of $ 104,000. The analyst who previously made similar calls when Bitcoin exchanged $ 76,000 and $ 94,000 supports the asset potential to reach a price target of $ 120,000 by mid-June.
Regarding the correction of the current market, Killaxbt explains that the recent decline was long awaited and aligned with the existing bull prices map. Therefore, investors are not very necessary to become a lowering.
In addition, the analyst moves to reiterate that the current Bitcoin trend can be described as the Sideliners rally. Indeed, despite a significant increase in the M2 money supply reporting an increase in market liquidity, there is also a low participation of investors and traders, as indicated by the negative premium index and low financing rates.
These multiple developments suggest that the current bullish dynamics are based on long -term conviction by possibly institutional investors or market whales strengthen the potential of a sustainable price rally.
According to the negotiation graph presented, the analysis of Killaxbt suggested that the correction of Bitcoin prices has created an open monthly trap just below $ 104,000 among investors is invited to open a long position with a price target of $ 120,000.
However, the market expert also recognizes the potential of a market upheaval, noting that a decisive price below $ 97,000 would cancel the alleged Haussier implementation. In such a scenario, Killaxbt offers a recovery trade by opening another long position just below $ 97,000, targeting a rebound around $ 109,000 to recover losses and maintain an upward exhibition.
Bitcoin price prediction
At the time of writing the editorial staff, Bitcoin is negotiated at $ 104,519 after an increase in prices of 0.70% in the last day. Meanwhile, the active trading volume is down 34.21% suggesting a drop in market activity and transaction numbers.
According to the popular coincocex prediction site, Bitcoin investors are very optimistic despite recent price reductions. CoincoCex shares a similar feeling with a price forecast of $ 132,409 within five days suggesting a potential gain of 26% on current market prices.
Galway Daily star image, tradingView.com graphic
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