In the aftermath of the United States Consumer Price Index release, Bitcoin (BTC) experienced a sharp correction, but analysts are maintaining a long-term bullish outlook.
Particularly, crypto trading expert Trading Shot, in an August 14 TradingView post, suggested that technical indicators and historical price movements point to Bitcoin possibly reaching a record high of $300,000.
In arriving at this potential price target, the expert noted that in July 2024, Bitcoin closed in the green zone. Despite a sharp drop at the start of August, the market quickly rebounded, demonstrating strong buying power.
This recovery aligns with the 0.786 Fibonacci retracement level from the digital asset’s 2021 record high, indicating a robust support level.
Bitcoin price analysis chart. Source: TradingView/Trading Shot
Central to this analysis is the bullish cross observed in the Moving Average Convergence Divergence (MACD) indicator on the one-month timeframe. According to Trading Shot,
We współpracy z: https://finbold.com/trading-expert-outlines-bitcoins-path-to-300000/
