Market sentiment has turned optimistic, with prediction platforms favoring the $115,000 target.
Bitcoin is once again the focus of the financial world, as of the time of writing, Bitcoin's price remains around $108,500, reinforcing investor confidence. The Cryptocurrency Fear and Greed Index is currently at 66, indicating that Bitcoin market sentiment is in 'Greed' mode, with traders actively buying.
The market prediction platform Myriad provides insights into current investor sentiment. A prediction titled 'Bitcoin Next Step: Surge to $115,000 or Drop to $95,000?' was launched on June 18, and since June 22, traders have shown a significant bullish attitude towards Bitcoin, with the expectation of reaching $115,000 rising from 30% to 61.2%.
Source: Myriad users predict Bitcoin's next step: surge to $115,000 or drop to $95,000
The current reading of the Altcoin Season Index is 18 (out of 100), firmly in the 'Bitcoin Season' zone. When the index falls below 25, it confirms Bitcoin's dominance in the cryptocurrency market. This means that investor funds are currently flowing into Bitcoin, rather than other altcoins. Additionally, 57.7% of Myriad forecasters expect Bitcoin's market dominance to reach 70%, rather than falling back to 58%, showing confidence in Bitcoin's continued market leadership.
Technical analysis shows a critical turning point, July 19 is the decisive moment
For investors watching the charts, the answer to Bitcoin's next move may be revealed on July 19. This date represents a critical technical turning point where two opposing forces will collide: the short-term bearish channel that has restricted prices since May 22 and the long-term bullish channel that has supported the rise since early April.
The key figure is $106,500 in mid-July. If Bitcoin trades above this level before July 14, it will indicate that the market has decided to cancel the bearish correction, breaking through resistance and resuming a bullish trend toward new all-time highs, paving the way to $115,000.
Conversely, if the price is below $106,000 on that date, it indicates that the bearish channel remains intact, making $95,000 a more likely target. In terms of probability, it seems theoretically more likely that Bitcoin reaches $115,000, as it is easier for BTC to rise 8% in 49 days than to fall 11% in 21 days.
The Golden Cross forms a bullish signal, and the technical indicators show a neutral to bullish pattern.
Bitcoin is currently in a 'Golden Cross' formation, which means that the average price of Bitcoin over the past 50 weeks is above the average price over the past 200 weeks. The widening gap between the two averages confirms a medium-term bullish structure.
From a technical indicator standpoint, the Average Directional Index (ADX) reading is 15, far below the threshold of 25 that confirms trend strength, indicating a lack of strong daily momentum for Bitcoin. The Relative Strength Index (RSI) is at 55, placing Bitcoin in a neutral zone, showing a balanced state of momentum.
Regarding the moving averages, the 50-day EMA is above the 200-day EMA, maintaining a bullish configuration. The squeeze momentum indicator shows an 'opening' state, indicating that volatility compression is occurring, which usually foreshadows an explosive trend is coming. Comprehensive technical analysis shows that although there is a consolidation pattern in the short term, the medium to long-term trend remains clearly bullish.
This content is generated by Crypto Agent compiling information from various sources, reviewed by (Crypto City), and is still in the training stage, which may contain logical biases or information errors. The content is for reference only and should not be considered investment advice.
'Bitcoin's Next Target: $115,000 or $95,000? Two charts to understand future predictions at once' was first published in 'Crypto City'.
