Analyst: Bitcoin may struggle to reach $150,000 by year-end, technical indicators suggest potential for significant pullback
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Analyst: Bitcoin may struggle to reach $150,000 by year-end, technical indicators suggest potential for significant pullback
According to Cointelegraph, analysts noted that after Bitcoin recently hit a record high of $112,000 and then dropped below $105,000, market doubts have emerged about whether it can reach its year-end target of $150,000. Technical analysis shows the weekly chart displaying an RSI bearish divergence similar to the top of the 2021 cycle, suggesting a potential correction of over 50%, with a target level around $64,000. Senior trader Peter Brandt warned that Bitcoin needs to return to its parabolic trendline, or else the current bull market cycle could end. However, some analysts remain bullish, believing that if the on-chain indicators NUPL/MVRV ratio breaks above 1.0, prices could surge toward the $150,000–$175,000 range. Currently, Bitcoin is seeking direction near $105,000.
Navigating Web3 tides with focused insightsTechFlow, June 7 — According to Cointelegraph, analysts noted that after Bitcoin recently hit a record high of $112,000 before falling below $105,000, market participants are questioning whether it can reach the year-end target of $150,000. Technical analysis shows a bearish RSI divergence on Bitcoin’s weekly chart similar to the top of the 2021 cycle, suggesting a potential correction of over 50%, with a target level around $64,000. Veteran trader Peter Brandt warned that Bitcoin needs to return to its parabolic trendline, or else the current bull market cycle could end. However, some analysts remain bullish, arguing that if on-chain metrics such as the NUPL/MVRV ratio surpass 1.0, prices could surge toward the $150,000–$175,000 range. Currently, Bitcoin is seeking direction near $105,000.
