$BTC Is a rebound in the price of Bitcoin to 150,000 dollars possible by the end of the year?

A bearish divergence in the RSI, similar to that of 2021, suggests that Bitcoin could face a correction of more than 50% towards 64,000 dollars, challenging the target of 150,000 dollars by the end of the year.

A bearish divergence reminiscent of 2021 on the weekly chart points to a possible correction of more than 50% towards 64,000 dollars.

Peter Brandt warns that Bitcoin must soon regain its parabolic trend line or risk ending its bullish cycle before reaching the target of 150,000 dollars.

The Bitcoin rebound

BTC

92,443 €

to a record of 112,000 dollars generated renewed hopes of reaching a target of 150,000 dollars by the end of the year, but its rapid correction below 105,000 dollars is testing that bullish narrative.

Is Bitcoin drawing a bearish reversal setup?

Bitcoin appears to be forming what looks like an inverted cup and handle pattern, with its neckline near 100,800 dollars acting as current support. As of June 7, the price has entered the handle formation stage, with an eye on a breakdown below the neckline.

According to the inverted cup and handle pattern setup, a breakdown below 100,800 dollars will increase the likelihood of Bitcoin falling towards 91,000 dollars.

The downside target of 91,000 dollars aligns with Bitcoin's 200-day exponential moving average (200-day EMA; the blue wave).

The relative strength index (RSI) of Bitcoin has decreased at the same time as its price, indicating strong conviction among traders behind the ongoing sell-off.

As of June 7, the RSI reading was 52, reflecting weakened bullish momentum; a breakdown below 50 could intensify downward pressure.

To regain control, bulls must reclaim the resistance of Bitcoin's 20-day EMA (the purple wave) around