Bitcoin is predicted to reach $ 112,000 in the near future

Analysts and traders use two types of cryptocurrency charts for different purposes. The conventional price chart currently hints at a possible riseof BTC $75,624.51 Mezo Wrapped BTC 1.85% Market capitalization $0.1 billion VOL. 24 hours $1.21 billion to around $ 112,000.

The logarithmic chart, which traders use to understand larger movements, indicates that the price of BTC could soar to $ 250,000. However, experts advise paying attention to the long-term divergence, which is an indicator of a future price reversal.

On the first chart, bitcoin is currently worth $ 66,318. We can see important levels that bitcoin may touch. Currently, the market leader has a support level at $ 63,000 and is facing resistance at $ 68,304.

If BTC manages to stay above this resistance, it will move towards the $ 112,000 target, but not quickly. The most likely scenario for digital gold would be a breakout of the aforementioned resistance and the start of a move to $ 90,000, analysts said.

The second chart shows a wedge-shaped pattern, which indicates that bitcoin may be preparing for a reversal. If this pattern is followed, there is a possibility that bitcoin could reach a high of $ 256,000. However, this wedge also warns us that a drop is possible after the peak is reached.