Bitcoin Headed for Smooth Landing Above $130,000, Expert Predicts

The largest cryptocurrency by market cap reclaimed the $100,000 price mark over a week ago and has managed to sustain momentum above that level. 

Interestingly, Bitcoin’s near-term price outlook remains bullish, as market experts have spotted key market patterns that further strengthen the leading asset’s already optimistic outlook.

More recently, the pseudonymous analyst TradingShot shared a post to TradingView, a crypto data provider, in which he highlighted how “Bitcoin has unfolded a very interesting pattern since its April 07 bottom.”

As the analyst asserted, since the asset’s bottom at $74,500, the big bull has continuously targeted all 10k intervals above it, from $74,000 to $84,000 and $94,000. Notably, the asset is now hovering around the $104,000 mark.

Upon hitting the aforementioned price levels, Bitcoin witnessed a price consolidation, forming what the analyst calls a “structured Channel Up.”

While the “Channel Up” may not be sustained long-term, its consistency thus far suggests that the asset could go on to target price levels above the $100,000 mark, with key prices sitting at $114,000, $124,000, and $134,000. 

“If this pattern continues to hold for as much time as it has since the bottom, then we may see $134k by late June/ early July.” The analyst wrote as a conclusive observation. 

Although Bitcoin is slightly down from its all-time high of $109,114, Bitcoin bulls have soared by 22.68% in the last 30 days. 

During the time of this report, Bitcoin is trading at a press time price of $103,596, with only 0.15% in weekly losses and 0.01% worth of gains sustained over the last hour. 

It is worth noting that the global cryptocurrency market is trading upwards, with a total market cap valuation of $3.49 trillion and gains over the last 24 hours sitting at 3.97%.