After weeks of appearing to consolidate, Bitcoin (BTC) aims to establish its price above the crucial resistance level of $70,000.
Indeed, if the crypto manages to sustain the current bullish momentum, the market anticipates that it will rally to a new record high, possibly above $100,000.
Consequently, crypto trading expert TradingShot noted in a TradingView post on May 23 that Bitcoin is forecasted to enter a new rally phase following a period of consolidation post-halving. This development aligns with historical patterns in previous Bitcoin cycles, signaling a potential surge towards $150,000.
For instance, TradingShot noted the consistent occurrence of a two-month consolidation phase before and after the halving event, a pattern observed in past Bitcoin cycles. This consolidation phase typically precedes a significant rally in Bitcoin’s price.
Bitcoin price analysis chart. Source: TradingView/TradingShot
Moreover, the expert also reviewed the impact of technical ind
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