Analysts: Bitcoin May Struggle to Reach $150,000 by Year-End, Technical Indicators Suggest Significant Correction Ahead

Odaily Planet Daily News: Analysts point out that after Bitcoin recently hit a historic high of $112,000, it has fallen below $105,000, raising concerns about whether it can reach the $150,000 target by the end of the year. Technical analysis shows that Bitcoin's weekly chart exhibits a bearish divergence in RSI similar to that at the peak of the 2021 cycle, suggesting a potential decline of over 50%, with a target price around $64,000. Veteran trader Peter Brandt warns that Bitcoin needs to return to the parabolic trend line, or it may end the current bull market cycle. However, some analysts remain optimistic about Bitcoin, believing that if on-chain indicators NUPL/MVRV ratio break through 1.0, the price could surge towards the $150,000 to $175,000 range. Currently, Bitcoin is seeking direction near $105,000. (Cointelegraph)