Bitcoin sets sights on the next milestone following bullish crossover
Bitcoin, the leading cryptocurrency, has experienced a resurgence over the past 24 hours, approaching the $110,000 mark. This upturn is supported by technical analysis from trading expert TradingShot, who suggests that the asset might be gearing up for new highs.
In a May 25 TradingView post, TradingShot asserts that Bitcoin has been climbing steadily within a six-week channel up formation, indicating a potential growth trend. While a brief pullback occurring due to tariff-related macroeconomic concerns was observed, Bitcoin swiftly rebounded, positioning itself for another bullish leg.
The recent retracement found support at the four-hour 50-period moving average (MA), and the volume of trading has remained within the channel. The four-hour 100-MA also serves as a significant support level, as per TradingShot's assessment.
A crucial technical signal proving this optimistic stance is the recent bullish MACD (Moving Average Convergence Divergence) cross on the four-hour chart, a historically reliable buy indicator during this trend. Previous MACD crosses within this channel have resulted in gains of 11.41% to 15.91%, signifying renewed buying momentum.
Given the lower end of the historical return as a benchmark, a 11.41% increase from the current levels indicates a Bitcoin target around $119,000. This aligns with the channel's upper boundary and supports TradingShot's broader forecast that BTC could reach $200,000 between October and December 2025.
Separately, analyst Gert van Lagen posited in a May 26 X post that Bitcoin's weekly chart demonstrates ongoing strength, well above bear market territory. Historically, this timeframe often reveals a bearish divergence, with the price making higher highs, and the relative strength index (RSI) exhibiting lower highs. However, such a pattern was breached in 2022, and that's not the case now, as the current price action remains robust, and the RSI is above warning levels.
At press time, Bitcoin is trading at $109,735, marking a 2.3% increase in the past 24 hours and a 1.4% rise over the past week. However, the RSI is nearing overbought conditions at 65, suggesting a short-term pullback or consolidation might be imminent. Despite this, the 50-day and 200-day simple moving averages (SMAs) are significantly lower, at $95,244 and $86,640, respectively, intimating strong upward momentum.
In conclusion, both TradingShot and Gert van Lagen advocate for a promising long-term outlook for Bitcoin, with price targets converging around $150,000 to $200,000 by late 2025. This prognosis is underpinned by technical indicators, historical bull cycle patterns, and market momentum, despite a maturing market that exhibits reduced return rates.
Bitcoin, according to TradingShot's technical analysis, is on an uptrend due to its six-week channel up formation, with the recent MACD cross serving as a historically reliable buy indicator. This bullish sentiment suggests that Bitcoin, a form of cryptocurrency, might approach or even surpass $119,000, using the lower end of the historical return as a benchmark. Meanwhile, analyst Gert van Lagen posits that Bitcoin's ongoing strength, as observed on its weekly chart, supports a long-term outlook with price targets potentially converging around $150,000 to $200,000 by late 2025. This optimism is rooted in various technical indicators, historical bull cycle patterns, and market momentum. The technology behind Bitcoin, blockchain, continues to underpin this analysis as it enables secure and transparent transactions, driving its potential for further growth.
