Bitcoin hit $150,000 by the start of 2022

 “Until this trend changes it will continue to put upward pressure on price as demand for Bitcoin has to accept higher prices amongst the limited supply available.”

Bitcoin (BTC) is “ready to rally” again as BTC price action flips bullish on crucial timeframes, trading platform Decentrader says.

In its latest market update on Oct. 29, the firm predicted incoming fresh upside for Bitcoin, which has languished below old all-time highs this week.
$150,000 end-of-year potential

Despite sideways moves in BTC/USD keeping markets guessing, the odds are still on for gains to enter in the short term, analysts believe.

While the area around this year’s two highs — $63,900 and $67,100 — are the main focus of discussion, real friction might in fact only lie far into price discovery territory nearer $100,000.

“On a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000,” the update forecasts.

This is due in part to a moving average crossover event involving the 128-day and 200-day trends, which has historically sparked “sustained” upside.

Closer to the present, Bitcoin’s three-day chart, which Decentrader holds to be an especially accurate price tool, is now bullish, contradicting the current bearish daily and neutral weekly setup.

This is one ingredient feeding into a probable channel for price action which could see Bitcoin hit $150,000 by the start of 2022.

The status quo with the overall Bitcoin supply should help matter — exchange reserves continue to fall, indicating resolve to hold, rather than sell, among traders.

“Evidence continues to suggest that existing market participants remain bullish. One data point to support this is the continual draining of Bitcoin from exchanges as users select to put their Bitcoin into cold storage. The net impact of this is that short-term supply is reduced,” the update concluded about Bitcoin.  

Sources: https://cointelegraph.com/news/btc-price-ready-to-rally-with-bitcoin-bulls-clear-to-charge-at-85k-analysis