Why Bitcoin’s guarantee of $135,000 target could emerge this week
Bitcoin (BTC) may be on the verge of a major technical breakout that could come as early as this week, potentially targeting a record high of $135,000. In this line, Analysis by TradingShot indicated that the asset is set to form its first one-day golden cross in seven months, the last occurring on October 27, 2024, which could trigger an immediate surge, the analyst noted in a TradingView post on May 20. This bullish signal, where the 50-day moving average (MA) crosses above the 200-day MA, has historically preceded strong rallies. Bitcoin price analysis chart. Source: TradingView Bitcoin’s next price target Notably, every one-day golden cross within Bitcoin’s two-and-a-half-year ascending channel has sparked a rapid price increase, with the smallest gain at 33.11%. The analyst projected a move to roughly $135,000 from the current price, aligning with the 0.236 Fibonacci level. Further strengthening the case, the one-week Moving Average Convergence...