Profitz Academy: bitcoin will rise to $ 130,000

Another optimistic signal has appeared in the cryptocurrency environment — the technical indicator for Bitcoin BTC $94,248.61 Bitcoin -1.37% Market capitalization $1.87 trillion VOL. 24 hours $1.3 billion has formed a so-called bullish cross. The founder of the Profitz Academy analytical platform, Merlein Enkelar, drew attention to this. The analyst believes that such a pattern has repeatedly preceded a significant increase in the price of the first cryptocurrency. According to him, the average increase after such a pattern reached 50%, and the current movement could be the beginning of the path to the $ 120,000 level.

The stochastic RSI indicator, which captures the state of overbought or oversold of an asset, is now showing a strengthening upward momentum. The %K line, which reflects changes in the underlying RSI, has crossed the %D signal curve from the bottom to the top. This is the «bullish cross» that is traditionally perceived by the market as a positive signal for further growth.

The expert predicts that if this pattern is triggered, Bitcoin could break the $ 130,000 mark by June. This scenario, according to the trader, is quite possible given the current market dynamics and the interest of large investors in digital gold.

For their part, Wall Street analysts also believe that Bitcoin is likely to strengthen in the second quarter. Their forecast is based on the relationship between the cryptocurrency’s price and the global money supply aggregator M2 and the US dollar index. In March, these factors led to some weakness in bitcoin, but in the long run they may support further growth.

At the same time, some experts remind us that the path to new highs will not necessarily be straightforward. Former BitMEX CEO Arthur Hayes suggests a temporary decline in the price of Bitcoin to $ 70,000 before a new rise. Matrixport experts expect the correction to be completed in March-April, while Glassnode does not rule out a delay in the asset redistribution phase.