After trading at approximately $ 112,000 to create the highest new level (ATH), Bitcoin has since has slipped into a corrective stage that has lost more than 7 % of its value since then. Despite this stagnation in the market, a prominent encryption analyst at X Username Killxbt funded the first cryptocurrency to restore its upscale shape, and soon re -inserted the price discovery area.
Bitcoin traders should be swinging for a long time at $ 104,000 – analyst
in X post On May 30, Killaxbt shared the prediction of the budget bitcoin price that drives investors to open a long location at the price area of $ 104,000. An analyst, who previously made similar calls when Bitcoin was traded at $ 76,000 and $ 94,000 supports the capabilities of the original to reach the price of $ 120,000 by mid -June.
Regarding the continuous market correction, Killaxbt explains that the last decline was well expected and compatible with the current upward price map. Therefore, there is a great need for investors to transfer the decline.
Moreover, the analyst moves to emphasizing that the current bitcoin trend can be described as a side gathering. This is because despite a significant increase in the M2 Money show that indicates high market liquidity, there is also a low participation of investors and traders as shown in the negative installment index and low financing rates.
These multiple developments indicate that the current upward momentum is based on a long -term condemnation by institutional investors or whales in the market that enhances the possibility of mobilizing sustainable prices.
From the trading graph provided, the Killaxbt analysis indicated that the correction of the Bitcoin prices has created a slightly open monthly trap of $ 104,000 in investors. It is advised to open a long location with a price of $ 120,000.
However, the market expert also admits the possibility of market disturbance in indicating that the decisive price of less than $ 97,000 will cancel the alleged bullish preparation. In such a scenario, Killaxbt suggests a recovery trade by opening another long location less than $ 97,000, aiming to recover about $ 109,000 to recover losses and maintain upward exposure.
Bitcoin prediction
At the time of this report, Bitcoin trades at $ 104,519 after an increase of 0.70 % in the past day. Meanwhile, asset trading volume decreased by 34.21 %, indicating a decrease in market activity and transactions numbers.
According to the popular prediction site CoincodexBitcoin investors are very optimistic despite the recent low prices. Coincodex shares similar morale with a price of $ 132,409 in the five days indicating a 26 % possible increase in current market prices.
Distinctive image from Galway Daily, Chart from TradingView.com
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