Here’s Bitcoin’s timeframe to claiming $200,000 ATH
Main Idea
Bitcoin's price analysis suggests potential for a breakout toward $200,000, supported by key technical indicators and historical patterns.
Key Points
1. Bitcoin has reclaimed the $120,000 support level, with a potential breakout toward $200,000 indicated by its long-term price structure.
2. The 0.5 Fibonacci retracement level is a significant hurdle, historically acting as resistance, but previous cycles have seen Bitcoin break above it and reach higher Fibonacci levels.
3. Key support zones identified are $118,163 and $116,934, where large volumes of BTC were last acquired, providing strong price anchors.
4. Bitcoin is trading above its 50-day and 200-day Simple Moving Averages ($114,109 and $92,926, respectively), confirming a strong long-term uptrend.
5. The 14-day Relative Strength Index (RSI) is not explicitly stated but implied as part of the technical analysis supporting the bullish outlook.
Description
With Bitcoin ( BTC ) reclaiming the $120,000 support, the asset’s long-term price structure signals the potential for a breakout toward $200,000 in the coming months. This possibility was shared by popular cryptocurrency analyst TradingShot , who noted that Bitcoin has extended its rebound from the 50-week moving average ( MA ), recently reinforced by a short-term bounce on the daily MA50. In an August 12 TradingView post , the analyst noted that this renewed momentum shifts the technical focus ...
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