Bitcoin on Track for Smooth Ascent Above $130,000, Forecaster Says

Bitcoin (BTC) remains steady in strength above the $100,000 mark, sustaining bullish sentiment since retaking the mark more than a week ago. Market analysts are bullish, citing particular chart formations as proof that the top cryptocurrency may be on the way to a smooth ascent toward $130,000 and higher.

Chart Analyst Sees Well-Formed "Channel Up" Structure

Pseudonymous crypto commentator TradingShot took to Reddit recently and made a post on the social trading platform TradingView, identifying a critical market structure that has been developing since Bitcoin made its April 7 low at $74,500. According to the commentator, BTC has been aiming at consecutive $10,000 levels ever since — $84,000, $94,000, and lastly $104,000.

This stair-step pattern created what TradingShot refers to as a "structured Channel Up," indicating a possible road map for future expansion. Although the durability of the pattern cannot be known, the analyst feels the shape is solid enough to indicate continued upward action.

"If this pattern persists to remain valid for as long as it has so far from the bottom, then we can expect to see $134K sometime late June/early July," concluded the post.

Keep an Eye on These Price Levels

As the current channel suggests, the next likely price strategy for Bitcoin looks like:

$114,000

$124,000

$134,000

If the rising structure lasts, the levels can be reached step by step.

Although Bitcoin’s price went down a bit from its all-time high at $109,114, it has still grown by 22.68% in only 30 days.

A Review of Crypto and Bitcoin

You can write for BTC at $103,596, with little change from the previous hour (+0.01%) and a small loss each week of 0.15%.

Optimism about the crypto market remains as the world market cap rose to $3.49 trillion and saw 24-hour growth of 3.97%.

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