The leading cryptocurrency Bitcoin (BTC) reached the $112,000 mark with a new record following May.
This new record also increases the expectation of a rise in Bitcoin, with Milk Road co-founder Kyle Reidhead predicting that Bitcoin could reach $150,000.
What’s the Next Target for Bitcoin?
At this point, Kyle Reidhead, in an X post, stated that there is a “bullish cup and handle” formation in Bitcoin that he thinks will push the price up, and said, “See you at $150,000.”
The cup and handle formation, which the analyst predicts will carry BTC to $150,000, is interpreted as a signal of an uptrend, which will pause for consolidation and sideways movement, then continue to rise.
Analyst CryptoBusy also noted a bullish flag formation on Bitcoin’s 4-hour chart, stating that a close above $112,000 could lead to a rise reaching $120,000 in the short term.
Cryptocurrency analyst Matthew Hyland also stated that Bitcoin could continue its rise, saying that from a technical perspective, Bitcoin has broken out of its recent downtrend.
“Bitcoin confirms its daily rally and confirms the end of the downtrend that began in late May.
“The bulls are in control”
eToro analyst Josh Gilbert also spoke after the rally, noting that the recent rally was institutionally driven, saying, “This is the first true bull market where institutional participation is at the forefront. Strong ETF inflows and a solid macroeconomic backdrop have helped fuel market momentum, but perhaps the most important change is who is buying.”
Coinstash co-founder Mena Theodorou offered a similar view to Josh Gilbert, saying, “It’s clear this rally is driven by institutions, not retail investors.”
*This is not investment advice.