$BTC Bitcoin's Dip Heralds Bullish Rally to $150K, Say Analysts
Cointelegraph reports that analysts are optimistic about Bitcoin's ($BTC) recent dip, seeing it as a crucial step before a major price surge. After reaching a record high of approximately $123,250, Bitcoin has corrected by 7.50%, but analysts believe this is the final "shakeout" before a breakout towards $150,000.
Technical analysis from TradingView shows Bitcoin bouncing off its 50-day Exponential Moving Average (EMA), a level that has historically triggered significant rallies. This bullish momentum is supported by an inverted head-and-shoulders pattern, which, if the retest is successful, could target $148,250.
On-chain data also supports this positive outlook, with a massive 80,000 BTC sell-off by a whale being identified as the third wave of profit-taking in the current bull cycle. Historically, these periods of consolidation have set the stage for renewed accumulation and breakouts to new all-time highs.