Bitcoin (BTC) has surged past the $110,000 mark following a critical breakout above $108,900, positioning itself for a potential new all-time high of $130,000.
Analyst Michaël van de Poppe predicted on June 10 that the current phase is likely a short consolidation period, a common pattern before increased upward momentum.
The ideal buying range as BTC prepares for what could be another historic run, van de Poppe suggests, sits around $107,000 to $108,000.
Bitcoin’s 14-day relative strength index (RSI) currently sits at 6771, which is bullish but not yet overheated.
If the RSI retests 75 by the end of the month, another analyst PlanB suggests, the June closing price for BTC would be ~$130,000, agreeing with van de Poppe’s predictions.
Bitcoin price forecast
The rally can apparently be chalked up to a number of reasons, most notably a sharp technical breakout. Namely, BTC reclaimed the 23.6% Fibonacci retracement level at $109,248 after bouncing off key support near $100,436.
Institutional demand likewise remains strong, with spot exchange-traded funds (ETFs) and corporate treasuries continuing to absorb supply. Strategy (formerly MicroStrategy) (NASDAQ: MSTR), for example, has bought over 1000 BTC this week, worth ~$110.2 million in total.
Moreover, many investors are optimistic about the upcoming Federal Open Market Committee (FOMC) decision on Federal Funds Rate (FED) cuts, pending June 18. While prolonged high rates might weigh on risk assets, BTC’s correlation with global liquidity could provide some much needed counterbalance.
All in all, with strong institutional inflows, bullish investor sentiment, and solid technical signals, a big move might very well be on the horizon. Whether that will include the $130,000 target, however, remains to be seen.
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