Bitcoin (BTC), the largest cryptocurrency by market cap, is still bullish over the long term. While the chart structure of BTC appears to be bearish for some, ElCryptoProf evokes a completely different idea. Indeed, he shared his views on this crypto in his tweet. According to him, bitcoin (BTC) seems to be following a roadmap that will lead it towards $150,000 and above.
Bitcoin (BTC) is moving in an ascending channel
The king of cryptocurrencies, bitcoin, is currently moving in an ascending channel. And so far, it seems to respect both support and resistance lines. At this rate, bitcoin could hit $150,000 in the near future. Let’s take a closer look.
On the BTC monthly chart, the two highs of 2017 and 2021 form the resistance line. Then, we can get support by connecting the two lows of 2018 and June 2022. It should be noted that these historical highs and lows are major turning points, also called swing points. Then, based on the fact that the price will move further in this channel, we can expect a new high around $150,000 for Bitcoin.
Thus, the 20% recovery since July is nothing more than a jump on the oblique support. Therefore, we can estimate a bullish phase from the June low ($17,500), which serves as the third swing point. But what objective? According to the projection following the ascending channel, ElCryptoProf predicts Bitcoin at $150,000.
Bitcoin (BTC): price target around $150,000
According to ElCryptoProf analysis, bitcoin will follow the ascending channel to reach $150,000. Indeed, the recent recovery of BTC marks the beginning of a bullish phase. The low reached in June being the turning point.
Let’s not forget that it is not only ECryptoProf that has this price target. JP Morgan bank is also forecasting BTC at $150,000. This suggests to us that this is an achievable price target for this crypto.
This technical analysis on the Bitcoin monthly chart shows that, over the long term, this digital asset remains bullish. Despite being down 70% from $69,000, the price is still moving in an ascending channel.
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