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- #Gate Ranks Top 4 Exchange#
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- Gate Alpha 2nd Points Carnival Round 4 Hot Launch! Trade to Share $30,000 MORE & Alpha Points
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Analysts: Bitcoin is unlikely to reach $150,000 by the end of the year, as technical indicators suggest a significant pullback may be coming.
On June 7, according to Cointelegraph, analysts pointed out that Bitcoin recently hit an all-time high of $112,000 and then fell back below $105,000, raising questions about whether the market can reach the $150,000 target by the end of the year. Technical analysis shows a bearish divergence of RSI similar to the top of the 2021 cycle on Bitcoin's weekly chart, suggesting a possible pullback of more than 50% with a price target of around $64,000. Veteran trader Peter Brandt warns that bitcoin needs to return to the parabolic trend line or risk ending the current bull cycle. However, some analysts are still bullish on bitcoin, believing that if the on-chain indicator NUPL/MVRV ratio breaks through 1.0, the price is expected to rush to the $15-175,000 range. Bitcoin is currently looking for direction around $105,000.