As Bitcoin (BTC) struggles to maintain its price above $67,000 with a target of $70,000, a crypto trading analyst has identified technical indicators that point to a new all-time high.
In a June 12 TradingView post, the analyst TradingShot noted that Bitcoin is poised to reach $100,000, the next possible high target.
The expert observed that Bitcoin has been practically consolidating since the May 21 high of above $71,000, and the recent pullback over the past five days is starting to inflict a certain degree of fear in the market again.
TradingShot pointed out that the price movement was witnessed on February 6, 2024, and October 14, 2023. The analyst observed that 50-day moving average re-testings on the one-day timeframe occurred after the price broke below the 1D MA50 and formed the bottom of the bearish leg.
Bitcoin price analysis chart. Source: TradingView/TradingShot
The market expert segmented Bitcoin’s price action into phases, trading within the Mayer Mul
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