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A widely followed crypto analyst says that Bitcoin (BTC) appears primed to skyrocket to a six-figure price tag but warns investors that it may go through a correction first. In a new thread, pseudonymous crypto trader Inmoral tells his 230,800 followers on the social media platform X that the crypto king will make a pit stop around the $85,000 level before shooting up to $100,000. “$90,000 > $85,000 > $100,000.” Source: Inmortal/X The trader’s chart indicates that the top crypto asset by market cap will once again cross into six-figure territory sometime in May. According to Inmortal, the $90,000 level is where the flagship digital asset will be tested. However, before it can cross that barrier, its monthly open – or the price it opened up the month with – needs to be retested. BTC is trading for $87,015 at time of writing, a fractional increase during the last 24 hours. On March 1st, BTC opened up with a price of $84,373. Moving on to...

A widely followed analyst and trader is leaning bullish on the Solana-based pet-themed memecoin cat in a dogs world (MEW) while outlining his forecast for Dogecoin (DOGE) and Shiba Inu (SHIB). The analyst pseudonymously known as Bluntz tells his 283,800 followers on the social media platform X that MEW is “about to break out very soon” after trading in a symmetrical triangle over the past few days. A symmetrical triangle can be a bullish continuation pattern if an asset takes out its diagonal resistance. Bluntz shares a chart suggesting that a breakout could send MEW close to $0.011. Source: Bluntz/X MEW is trading at $0.00904 at time of writing, above the pattern’s resistance. Turning to Dogecoin, the pseudonymous analyst says that despite the emergence of new meme tokens, it would be a “huge mistake” to write off the ninth-largest crypto asset by market cap. “The thing with DOGE is, basically since inception, it always runs the hardest and most v...

The price of Bitcoin can fall to $15,000 in 2023 if its strengthening correlation with certain macro charts is any indication. Bitcoin (BTC) has rallied nearly 60% to around $27,000 in 2023 amid anticipations that the Federal Reserve would pause its quantitative tightening amid the U.S. banking crisis. Still, BTC price has failed to move beyond $30,000 decisively. Buying exhaustion at this key psychological level led to a price correction toward $25,000 over the past week. Interestingly, the decline has strengthened Bitcoin's correlation with several traditional financial metrics. But does this raise the risk of Bitcoin continuing its downtrend in Q2? Let's have a closer look. U.S. dollar index's double bottom The U.S. dollar index (DXY), which measures the greenback's strength against a basket of top foreign currencies, rose 1.4% to 102.70 in the week ending May 14. The rise marked the dollar's best week since September 2022. Interestingly, the dollar's rise l...