‘See you at $150K,’ says Bitcoin bull after BTC taps new highs

Bitcoin could beryllium heading to $150,000 aft spiking to a caller all-time precocious of $112,000 connected Wednesday, according to a Bitcoin bull.

“See you astatine $150k,” Milk Road co-founder Kyle Reidhead said successful an X station connected Wednesday, referencing a erstwhile station successful precocious June showing a “bullish cupful and handle” enactment that helium said volition propulsion Bitcoin (BTC) to $150,000. 

The optimism follows 2 weeks of choky consolidation, which saw galore analysts acrophobic Bitcoin whitethorn not person the spot to walk its erstwhile grounds precocious successful May.

Bitcoin’s much-needed boost 

The caller all-time precocious appears to person travel astatine bully timing.

Just hours earlier Bitcoin’s caller high, economist Timothy Peterson told Cointelegraph that if Bitcoin doesn’t deed caller highs wrong the adjacent 2 weeks, the plus apt won’t beryllium capable to travel adjacent until October.

Market sentiment is increasing, too. The Crypto Fear & Greed Index, which measures wide crypto marketplace sentiment, spiked 5 points to a “Greed” people of 71 retired of 100. 

The Crypto Fear & Greed Index is present sitting astatine the aforesaid people it was 30 days ago. Source: Alternative.me

Meanwhile, the CoinMarketCap Altcoin Season Index signals the marketplace is inactive heavy favoring Bitcoin, with a “Bitcoin Season” people of 26 retired of 100.

From a method standpoint, Bitcoin appears to person breached retired of its caller downtrend, according to crypto expert Matthew Hyland. “BTC confirms regular higher-high and confirms an extremity to the downtrend that started successful precocious May,” Hyland said successful a station connected Wednesday.

“Bulls are successful control,” Hyland said.

Bitcoin is presently trading astatine $111,383, according to TradingView data.

In comments sent to Cointelegraph, eToro expert Josh Gilbert said, “This is the archetypal existent bull marketplace wherever organization information is beforehand and center.”

Related: Bitcoin expert warns clip ‘running out’ for different BTC terms parabolic rally

“Strong ETF inflows and a coagulated macro backdrop person helped thrust marketplace momentum, but possibly the astir important displacement is who’s buying,” helium added. In July alone, determination person been astir $1.04 cardinal inflows into US-based spot Bitcoin ETFs, according to Farside data.

Coinstash co-founder Mena Theodorou echoed a akin sentiment. “It is wide that this momentum is being driven by institutions, not retail investors,” Theodorou said.

“Even successful the look of planetary uncertainty, from escalating commercialized tensions to rising geopolitical risks, Bitcoin has remained resilient,” helium added.

Bitcoin grounds precocious catches traders disconnected guard 

Not each marketplace participants were anticipating a caller Bitcoin high.

Just a time earlier, connected Tuesday, Bitfinex analysts said that traders are cautious astir buying Bitcoin astatine its existent level, arsenic the cryptocurrency is struggling to find the spot to interruption supra its all-time high.

Bitcoin traders’ leveraged positions besides amusement a akin story. Over the past 24 hours, astir $217.55 cardinal successful Bitcoin abbreviated positions were liquidated, according to CoinGlass data.

Data besides shows determination is $1.6 cardinal successful abbreviated positions astatine hazard of liquidation if Bitcoin moves different fewer 1000 dollars to $115,000. 

Meanwhile, Santiment sentiment information connected Tuesday showed the highest Bitcoin sentiment ratio successful the past 3 weeks. Santiment expert Brian Quinlivan cautioned that akin spikes successful trader optimism were followed by Bitcoin terms drops connected June 11 and July 7.

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