BITCOIN Can it hit $110k this Summer?

Bitcoin (BTCUSD) hit yesterday its 1D MA50 (blue trend-line) to test it as a Resistance following the bearish break-out last week but got rejected. This is a discouraging sign short-term for any bullish attempt but it very consistent with all previous bottoms since the November 21 2022 market bottom.

** The 0.382 Fibonacci **
As you can see, all major rallies since that date pulled-back and found enough Support on the 0.382 Fibonacci retracement level exactly. Then once they closed a 1D candle above the 1D MA50, the new Bullish Leg was confirmed. On both bullish sequences, the top was priced on the -1.0 Fibonacci extension exactly. The above conditions indicate extremely high symmetry and consistency on this pattern.

** The MACD Bullish Cross **
At the same time, the emergence of a 1D MACD Bullish Cross came right after the bottom. Today BTC is about to complete such Bullish Cross. In fact since the November 2022 bottom only 1 out of 6 MACD Bullish Crosses failed to deliver a new High shortly (May 27 2023) and still this was insignificant as BTC formed another that broke above the 1D MA50 only 20 days later.

** 110k this Summer? **
It is therefore obvious that the last condition that needs to be fulfilled in order to have a legitimate case for a new Bullish Leg, is for Bitcoin to close a 1D candle above the 1D MA50. When it does, the next most likely Target according to this model, i.e. the -1.0 Fibonacci extension, is $110000. Unrealistic as it may seem, this Target wouldn't just hit Fib -1.0 on the horizontal but also the top of the (blue) Channel Up and the 2.0 Fibonacci Channel extension. And all this is possible by the end of this Summer.

Do you think this is a legitimate price to expect this soon that high? Feel free to let us know in the comments section below!



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