Bitcoin Surges 22.68% in 30 Days Reclaims $100,000 Mark

Bitcoin, the largest cryptocurrency by market capitalization, has recently reclaimed the $100,000 price mark, a significant milestone that has caught the attention of experts and investors alike. This achievement has sparked optimism among market participants, with some experts predicting a smooth landing for Bitcoin above $130,000.

According to an expert prediction, Bitcoin is poised for a smooth landing above $130,000. This forecast is based on several factors, including the increasing adoption of Bitcoin by institutional investors and the growing acceptance of cryptocurrencies as a legitimate asset class. The reclaimed $100,000 price mark is seen as a strong indicator of Bitcoin's resilience and potential for further growth. The expert believes that as more investors recognize the value of Bitcoin, the cryptocurrency will continue to appreciate, ultimately reaching and surpassing the $130,000 mark.

The expert's prediction is not without its skeptics, however. Some analysts argue that the cryptocurrency market is still highly speculative and subject to significant price fluctuations. They caution that while Bitcoin has shown remarkable growth in recent years, it is still a relatively new and untested asset class. As such, investors should approach the market with caution and be prepared for the possibility of significant price volatility.

Despite these concerns, the expert's prediction has generated a lot of buzz in the cryptocurrency community. Many investors are optimistic about Bitcoin's potential for further growth and are eager to see if the expert's prediction will come to fruition. The pseudonymous analyst TradingShot shared a post to TradingView, a crypto data provider, in which he highlighted how “Bitcoin has unfolded a very interesting pattern since its April 07 bottom.” As the analyst asserted, since the asset’s bottom at $74,500, the big bull has continuously targeted all 10k intervals above it, from $74,000 to $84,000 and $94,000. Notably, the asset is now hovering around the $104,000 mark.

Upon hitting the aforementioned price levels, Bitcoin witnessed a price consolidation, forming what the analyst calls a “structured Channel Up.” While the “Channel Up” may not be sustained long-term, its consistency thus far suggests that the asset could go on to target price levels above the $100,000 mark, with key prices sitting at $114,000, $124,000, and $134,000. “If this pattern continues to hold for as much time as it has since the bottom, then we may see $134k by late June/ early July.” The analyst wrote as a conclusive observation.

Although Bitcoin is slightly down from its all-time high of $109,114, Bitcoin bulls have soared by 22.68% in the last 30 days. During the time of this report, Bitcoin is trading at a press time price of $103,596, with only 0.15% in weekly losses and 0.01% worth of gains sustained over the last hour. It is worth noting that the global cryptocurrency market is trading upwards, with a total market cap valuation of $3.49 trillion and gains over the last 24 hours sitting at 3.97%.

Only time will tell if Bitcoin will indeed reach and surpass the $130,000 mark, but one thing is clear: the cryptocurrency market is still a dynamic and unpredictable space, and investors should approach it with a healthy dose of caution and skepticism.