The price of Bitcoin (BTC) rose above the psychological $100,000 mark on May 8.
Bitcoin price long-term prediction: bullish
The upward momentum peaked at $104,190 and then came to a halt. However, after peaking at $106,000 on January 31, as reported by Coinidol.com, Bitcoin came under selling pressure in the previous price action.
Today, BTC has crossed the $100,000 threshold and is predicted to peak at $107,000. The price increase was halted after Bitcoin began to correct slightly. The largest cryptocurrency, which is rejected at the $105,000 mark, is bouncing off the psychological price barrier of $100,000.
If buyers stubbornly defend the price level of $100,000, the bull market will return. Bitcoin will rise to a high of $110,000 if the current barrier is broken.
On the other hand, if sellers break the $100,000 level and the 21-day SMA support, the largest cryptocurrency will fall. Bitcoin will fall to the support of the 50-day SMA. In the meantime, Bitcoin remains above the crucial $100,000 support level.
Bitcoin price indicator analysis
Bitcoin price has risen above the moving average lines to its previous highs. With a bullish crossover, the moving average lines are sloping upwards. The bullish signal is indicated by the 21-day SMA, which is above the 50-day SMA. The overbought area of the market is getting closer and closer to the cryptocurrency price. Sellers are expected to emerge in the overbought area.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin price is declining on the 4-hour chart after reaching the resistance level at $104,000. Bitcoin has now surpassed the psychological price level of $100,000 after breaking through the $97,500 mark.
On the downside, Bitcoin will continue to rise to a high of $110,000 if the $100,000 support holds, but the bullish situation will be nullified if the 21-day SMA support is broken.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
