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A widely followed economist says that a $111,000 price tag for Bitcoin (BTC) is in the cards amid the alignment of a technical indicator and a bullish market structure.
In a new video update on Trade Gate Hub, economist Henrik Zeberg says that based on a key indicator, it’s possible for the top crypto asset by market cap to “melt up” to six figures by August.
According to Zeberg, the crypto king has historically entered into a parabolic phase after its monthly relative strength index (RSI) goes above 70.
”So I got $110,000-$115,000 for Bitcoin. It is actually a part of a larger pattern. I see that this is either the beginning of a new bull [run], but it needs to take a long break after the blow-off top.
But we haven’t gotten to the really steep part of it yet. We see that we get to [an] RSI above 70, that is really when we see the steep part. And then people say ‘Yeah, but it’s declining,’ but it also did that [previously] into the steep part… And we don’t even have the last of this month, April could still be a very bullish month.”
Bitcoin’s RSI, a momentum indicator, is currently sitting at 71. Zeberg goes on to say that it’s even possible for Bitcoin to hit a price tag of over $200,000.
“I can actually see in an even crazier world… that we can reach $250,000, but $110,000 to $115,000 is my target.”
Bitcoin is trading for $66,115 at time of writing.
Generated Image: DALLE3
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