Bitcoin (BTC) has entered a short-term consolidation phase above the $100,000 mark. However, technical indicators and historical price movement suggest that the maiden digital asset still has the potential to add $50,000 to its value in the current cycle.
Amid this potential new high, Bitcoin has shown minimal movement on the daily chart. The asset has grown by a modest 0.8% to trade at $101,600 as of press time. On the weekly chart, BTC is up almost 4%.
Bitcoin seven-day price chart. Source: Finbold
Indeed, Bitcoin looks set to continue with the current bullish sentiment based on the technical setup. The asset is trading above its 50-day and 200-day simple moving averages (SMA), signaling bullish momentum both for the near and long term.
At the same time, market sentiment is overwhelmingly bullish, supported by an ‘Extreme Greed’ score of 83 on the ‘Fear & Greed Index.’
Bitcoin’s path to $150,000
Regarding the digital asset’s path to $150,000, this outlook
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