Bitcoin is on track to reach new all-time highs according to several prominent analysts. Despite the recent consolidation within the red bands, which is a new development in this cycle, the overall sentiment remains bullish, with experts predicting a potential price target of $149,000 by the end of the year.
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Log Regression Curves Point to $149k
Analyst Cryptocon has stated that Bitcoin is still on track for a layer 7 price target of $149,000 by the end of 2024. This prediction is based on the most accurate measure for both 2021 cycle tops, the Log Regression Curves. The more conservative layer 6 has a target of $108,000 by that time, which is the layer that marked the 2013 cycle top.
The consolidation inside the red bands is a new development in this cycle, but Cryptocon suggests that it makes sense as volatility reduces. This consolidation phase could be a healthy sign for the market, as it allows for a more stable and sustainable growth trajectory.
Locking in Profits and Potential Dip
Crypto Tony, another well-known analyst, has shared an update on his Bitcoin position. While he did not get the dip he was sharing for new entries for those who missed out on his original $64,400 entry, he believes that Bitcoin is heading higher first. As a result, Crypto Tony has locked in some more profit on his $64,400 entry, which he had previously shared with his followers.
This move to lock in profits is a common strategy among experienced traders, as it allows them to secure gains while still maintaining exposure to potential upside.
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Inverse Head and Shoulders Pattern
CoinsKid, a technical analyst, has noted a rejection at the resistance trendline for Bitcoin. However, if BTC has bottomed on the 20-week EMA (yellow line), it may come back to create the right shoulder of a potential inverse head and shoulders pattern.
The right shoulder symmetry suggests a minimal target of $63,432, which is a 9% decrease from the current position. The invalidation point for this pattern is losing the May 1st head at $56,500.
An inverse head and shoulders pattern is a bullish formation that often signals a trend reversal after a prolonged downtrend. If this pattern plays out as CoinsKid suggests, it could provide a strong foundation for Bitcoin’s next leg up.
Despite the recent consolidation and rejection at the resistance trendline, experienced traders like Crypto Tony are locking in profits while maintaining exposure to potential upside. Moreover, the formation of an inverse head and shoulders pattern, as noted by CoinsKid, could provide a solid base for Bitcoin’s next move higher.
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