A cryptocurrency trading expert has suggested that Bitcoin (BTC) may be on the verge of reaching a new all-time high of $150,000 in the coming weeks, based on a bullish pattern reminiscent of past record-breaking rallies.
This optimistic forecast follows Bitcoin’s reclaiming of the $99,000 mark over the weekend, aligning with the 50-day moving average (MA), which currently serves as a critical support level, according to insights from TradingShot in a TradingView post on January 6.
The popular online trading expert compared Bitcoin’s current movements to its price action earlier in 2024. Back then, a similar recovery of the 50-day MA preceded a rally that pushed the cryptocurrency to a record above $73,000.
Bitcoin price analysis chart. Source: TradingView/TradingShot
The present pattern, which aligns with technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggests another major rally is underway.
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