While Bitcoin’s recent record high of over $123,000 has created great excitement in the cryptocurrency markets, Fairlead Strategies founder Katie Stockton predicts that the price could rise to $135,000 in the intermediate term.
Appearing on CNBC’s “Closing Bell” program, Stockton stated that Bitcoin has emerged strongly from the consolidation process in recent weeks and that this rise may continue, according to technical analysis data.
Stockton said that this rise, which came after a pause of approximately seven to eight weeks, indicates the market is regaining strength. The expert, who uses a “measured movement projection” method, particularly after the strong breakout of the $108,300 resistance level, stated that this trend could continue to $135,000. According to Stockton, this level stands out as a “quarterly” target before a corrective phase begins.
Technical analysis wasn’t limited to Bitcoin. Stockton noted that Ethereum also broke above its 200-day moving average, signaling a positive signal, while Ripple broke out of its triangle formation and moved upward. He stated that this situation presents a positive technical outlook for the cryptocurrency market as a whole.
Crypto-related stocks are also experiencing this upward trend. Coinbase shares broke through the upper limit of its long-term “cup and handle” formation, while MicroStrategy shares experienced a short-term breakout. Stockton noted that MicroStrategy, in particular, maintained its long-term upward trend despite its volatile nature and is showing a recent surge.
But there are caveats. Stockton noted that the crypto market can occasionally experience vertical price movements, followed by prolonged periods of sideways movement that force investors to wait patiently.
*This is not investment advice.