bitcoin experienced a 3.06% price drop on Friday, falling as low as $60,372.36 according to data from CoinMarketCap. Now that the cryptocurrency market leader is in a consolidation phase, a trading analyst with the username to the half.
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bitcoin Rising Is Inevitable, Analyst Points to $150,000 Price Target
In a series of x posts on Friday, Titan of crypto shared some interesting bullish predictions about the bitcoin market. First, the analystx.com/Washigorira/status/1788874879229460747″ target=”_blank” rel=”nofollow”> noted that amid the btc price decline, the token's price pattern on the daily timeframe had formed a bullish signal.
Titan of crypto referred to this signal as the bullish engulfing candle which occurs when a larger bullish candle completely emerges from the previous smaller bearish candle, indicating a possible reversal from a downtrend to an uptrend.
After these observations, the analyst x.com/Washigorira/status/1788962502513926345″ target=”_blank” rel=”nofollow”>also predicted bitcoin will soon experience a huge price gain after the halving. Titan of crypto described this forecast as “inevitable” citing bitcoin price history data.
The cryptanalyst said:
To understand the present we must look to the past. And what the past tells us is that it is not the case that #btc does not have a rebound after the halving.
Titan of crypto also acknowledged that short-term price movements can be “confusing,” but expects btc to maintain a long-term upward trajectory. Based on previous post-halving rallies, Titan of crypto predicts that bitcoin will trade at $150,000 in 2025.
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btc Near Bottom Price as Dip Buying Interest Falls
In other news, blockchain analysis website Santiment x.com/santimentfeed/status/1788975787074519310″ target=”_blank” rel=”nofollow”>also predicts The recent drop in bitcoin price could soon end indicating that the token is near a “bottom,” that is, the lowest point in a market crash where the price stops falling and starts rising exponentially.
Interestingly, this prediction from Santiment is based on a decline in buying activity from bitcoin investors. The analytics platform reports that trading interest in bitcoin following its most recent drop on Friday is well below levels associated with previous price drops.
At the time of writing, bitcoin continues to trade around $60,968, with an overall price loss of 3.26% over the past week. On the monthly chart, the digital currency also remains in the red zone, reflecting a drop of 13.64%. However, bitcoin's daily trading volume remains positive at 9.73% and $27.88 billion.
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btc trading at $60,922 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investopedia, chart from Tradingview
