With a continued approach towards $110,000 over the last few weeks Bitcoin has now made a milestone after acquiring an all time high at $111,861, and following this spike experts are now predicting an ATH somewhere near to $125k.
However, the expected surge in Bitcoin price came after it managed billions in fresh inflow, and the price saw an addition of 25% in the past 30 days.
It is worth noting that BTC trading volume seems to be rushing towards $100 billion and as of publishing it was $92.18 billion with an addition of 70.54%.
Will Bitcoin acquire a fresh ATH above $125k?
The prediction by Standard Chartered says that Bitcoin is expected to reach $125k by the end of this year, and another forecast argues that it is expected to reach near to the mark of $123k.
Source: TradingView
BTC succeeded in maintaining a clear upward trajectory, since early May, breaking through resistance levels near $100,000 and $105,000, and now hanging above $110,000.
The price action confirms a bullish pattern with consistent higher highs and higher lows, Bitcoin broke out of a tight range between May 5–15.
Bitcoin is currently creating a new support base at $110k after decisively overcoming psychological resistance above the $100K mark.
The following reasonable technical resistance is $125,000 if the current bullish momentum continues it could soon bypass the estimates.
In YTD time frame price action of Bitcoin showcases a decisive uptrend , after a multi-month consolidation phase between $80k and $95k, it broke out in early May with strong volume support. Currently, it is trading well above all EMAs, including the 20-day, 50-day, 100-day, and 200-day.
The bullish optimism has been strengthened by the recent formation of a “golden cross,” which signals the start of prolonged upward rallies which take place when the 50-day EMA crosses above the 200-day EMA.
Bitcoin halving that took place is known as the end, which always fuels the prices and even after 12 to 18 months of the event the prices are constantly approaching higher highs.
The launch and popularity of Bitcoin ETFs have drawn billions of dollars in assets under management, Bitcoin has gained legitimacy as a popular investment vehicle.
The changing stances for Bitcoin globally are expected to set a new path with more surprises in the near future. It is important to understand that its popularity among institutional investors has sparked a fresh motivation towards a new mark.
Despite many voices favoring bullish sentiments, some remain bearish and say it might fall to $80k in the next few sessions.
