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Prominent trader Henrik Zeberg has predicted that the price of Bitcoin, the leading cryptocurrency, could skyrocket to as much as $123,000.
After completing a long consolidation phase, Bitcoin will eventually surge above its current all-time high of roughly $74,000, which was achieved back in March, according to Zeberg's prediction.
Following this breakout, Bitcoin is then expected to reach the aforementioned bullish target in less than three months due to very powerful upward momentum.
The bullish target would correspond with the 1.618 Fibonacci extension level (around 114,916), according to Zeberg's chart.
Earlier this month, the chartist predicted that Bitcoin would soon experience "a minimum 60% rally." His bullish prediction is based on the RSI (Relative Strength Index) breaking the downward trend as well as MACD (Moving Average Convergence Divergence) and RVGI (Relative Vigor Index) both scoring bullish cross-overs.
On Tuesday, the price of the leading cryptocurrency came close to hitting a record high after surpassing the make-it-or-break-it $73,000 level for the first time in months.
However, the bulls have failed to gain a foothold above the aforementioned level, and Bitcoin recently slipped below $71,000.
The largest cryptocurrency has slipped lower despite the record-breaking inflows that were recently recorded by BlackRock's IBIT. As reported by U.Today, the leading Bitcoin ETF attracted $875 million worth of inflows in just 24 hours.
The leading cryptocurrency is currently changing hands at $70,481 on the Bitstamp exchange after failing to reach a new record high.
Tomiwabold Olajide
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin