Bitcoin Could Swing 20% Toward $100,000
As of Friday, Bitcoin is trading slightly below its 50-day and 200-day Exponential Moving Averages (EMAs), with bulls attempting to break out from a descending wedge pattern on the daily chart. This formation typically signals a potential bullish reversal, indicating that bearish momentum may be fading.
If Bitcoin manages to break above the upper trendline of the wedge, a 15% rally toward $97,938 could follow. Traders entering on this breakout can set stop-loss orders just below the trendline. The target price is measured by the height of the pattern at its widest point.
A key bullish indicator came on April 12, when the Moving Average Convergence Divergence (MACD) line (blue) crossed above the signal line (red), confirming a buy signal. Additionally, the Relative Strength Index (RSI) climbed above the neutral line and currently holds at 51.97, further supporting the potential for upward momentum.
A successful breakout with strong trading volume would likely confirm Bitcoin’s return to the $90,000 range. However, if bulls fail to push past the wedge resistance, traders may lose confidence and look for support near the 50-day and 200-day EMAs. In that scenario, a liquidity sweep around $80,000 is possible, and if selling intensifies, a drop below April’s low of $74,508 could be on the horizon.
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