Bitcoin (BTC) Could Be on Verge of Hitting $112,000 and Even Higher

Thu, 4/04/2024 – 10:34

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Cryptocurrency and traders in general use two kinds of charts for different purposes. A normal price chart hints at a possible rise to around $112,000, but if we switch to a log chart, which traders use to understand higher-scale movements, the target could soar to about $250,000. Yet, we must note the long-term divergence – an indicator of an upcoming price reversal.

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On the first chart, Bitcoin is now priced at $66,318. We can spot important levels that Bitcoin might touch. Currently, Bitcoin has a support level at around $63,000 and faces resistance around $68,304. 

BTCUSD
BTC/USD Chart by TradingView

If it can stay above this resistance, it could move toward the target of $112,000, but not as fast as you might expect. The most likely scenario for the digital gold would be the breakthrough of the aforementioned resistance and the beginning of the movement toward the $90,000 mark.

The second chart shows a wedge pattern, which suggests that Bitcoin could be getting ready for a reversal. If we follow this pattern, there is a possibility that Bitcoin could hit a high of $256,000. However, this “wedge” also warns us that there might be a drop after reaching the peak.

As for the future of Bitcoin, both charts show that there could be an ascent. But charts remind us to be careful. They show a “divergence,” meaning that while the price is going up, the strength behind the price is going down. This might mean the rally will not last forever, and there could be a “top,” or the highest point coming.

While the excitement around Bitcoin’s potential to reach new highs is quite strong, the price analysis advises caution. Bitcoin has proven to be a volatile asset with the power to surprise us, both positively and negatively.

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