Bitcoin (BTC) has been holding steady within a narrow price range as traders eagerly anticipate a breakout in either direction. The cryptocurrency market has been closely watching BTC's price action, with predictions ranging from bullish to bearish scenarios.
Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD has been fluctuating between $103,000 and $104,000. Despite recent US macroeconomic data releases failing to significantly impact Bitcoin's price, traders remain focused on the digital asset's consolidation phase, which is nearing new all-time highs.
Traders and analysts have been closely monitoring Bitcoin's price patterns since its rebound began in April. Popular trader Daan Crypto Trades highlighted the repetitive nature of BTC's movements, suggesting that a breakout in either direction could be imminent. Another trader, TheKingfisher, pointed out areas of significant liquidity on both sides of the price, indicating potential near-term targets for BTC/USD.
Crypto Caesar also weighed in on the potential breakout, warning that a rejection at the current levels could lead to a pullback towards $90,000. However, a bullish crossover on the weekly moving average convergence/divergence (MACD) indicator could pave the way for new all-time highs if BTC manages to break above the current range.
Analyst Kevin Svenson echoed the sentiment of a possible continuation of Bitcoin's rebound, noting that each leg up in the recent run has been accurately predicted. Svenson set the next upside target at $115,000, should the current trend persist.
Various price predictions for Bitcoin have been circulating in the market, with some analysts suggesting that BTC could reach $1 million per coin in the next three years. Former BitMEX CEO Arthur Hayes even hinted at the possibility of this milestone being achieved sooner.
In conclusion, Bitcoin's price consolidation and the anticipation of a breakout have kept traders on edge, with both bullish and bearish scenarios being considered. The cryptocurrency market remains volatile, and investors are advised to conduct their own research and exercise caution when making investment decisions.
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