TL;DR
- Bitcoin rose above $69,000 after consolidating around $67,500, with predictions of further gains if key resistance levels are surpassed.
- Analysts point to interesting technical patterns and indicators suggesting BTC could reach new highs, potentially up to $85,000.
Bitcoin Price Predictions to Watch
After a brief period of consolidation around the $67,500 mark, the price of Bitcoin (BTC) started a new uptrend today (June 3), soaring above $69,000. Numerous analysts noted the revival, outlining predictions of more substantial peaks in the near future, assuming some important factors are in place.
The X user Ali Martinez argued that a “sustained break” above the resistance zone of $69,330 will send BTC “higher.” On the other hand, he warned that the TD Sequential presented a sell signal on the asset’s hourly chart, meaning a pullback in the $68,000-$68,700 is in the cards.
TD Sequential, named after Tom Demark (TD), is a technical analysis tool that identifies potential price exhaustion points in the market and indicates when a trend is likely to reverse.
Crypto Chase and Michael van de Poppe also chipped in. The former outlined $69,600 as a key target for a possible price expansion. Nonetheless, the analyst envisioned a possible pullback to the range of $63,500-$65,500 if the mark is not claimed.
Michael van de Poppe maintained that Bitcoin could witness a “serious upward momentum” should its value break the $70K level.
Mikybull Crypto was most bullish, forecasting a breakout towards a new all-time high of $85,000 in the following months. Their prediction was based on a specific “megaphone pattern” that BTC has charted recently.
The term, also known as a broadening formation, describes a reverse symmetrical triangle and features a series of higher highs and lower lows. The pattern typically forms after a prolonged trend and can be a sign of increasing volatility and market indecision. Some traders interpret it as a signal that BTC’s price is likely to experience a significant uptick in the near future.
What are Other Indicators Hinting?
Another commonly used and essential indicator used to gauge Bitcoin’s next potential move is the Relative Strength Index (RSI). This momentum oscillator measures the speed and change of price movements and helps traders assess whether the asset is overbought or oversold.
It varies from 0 to 100 as a ratio above 70 suggests that BTC might be due for correction. Data shows that the RSI has been hovering below that mark since May 21.
Last but not least, we will touch upon Bitcoin’s exchange netflow, which has been predominantly negative in the last seven days. A shift from centralized platforms toward self-custody methods reduces the immediate selling pressure, so it is considered bullish.
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