While Bitcoin’s recent record high has been above $123,000, it has sparked great excitement in the cryptocurrency market, FairLead Strategies founder Katie Stockton predicts the price could rise to $135,000 in the intermediate period.
Stockton, published in CNBC’s “Closing Bell” program, said Bitcoin has emerged strongly from the integration process in recent weeks, and this rise could continue, according to data from technical analysis.
Stockton said the rise came after a halt of about 7-8 weeks, indicating that the market is regaining strength. Experts using the “measured moving projection” method, particularly after a strong breakout at a resistance level of $108,300, said the trend could last up to $135,000. According to Stockton, this level stands out as a “quarterly” target before the corrective phase begins.
Technical analysis was not limited to Bitcoin. Stockton noted that Ethereum also surpassed its 200-day moving average, signaling a positive signal, and that the ripple had moved upwards from the formation of the triangle. He said the situation presents a positive technical outlook for the entire cryptocurrency market.
Crypto stocks are also experiencing this upward trend. Coinbase stocks have broken the cap on long-term “cup and handle” formations, while MicroStrategy stocks have experienced a short-term breakout. Stockton noted that micro-tactics in particular, despite their volatile nature, have maintained its long-term upward trend and demonstrated a recent spike.
But there is a warning. Stockton noted that the crypto market can sometimes experience vertical price movements, and then continued to last for a long period of lateral movements that force investors to wait patiently.
*This is not investment advice.
