Why Bitcoin’s next short-term target is $120,000
Although Bitcoin (BTC) is consolidating, a trading expert projects that the asset is poised to break out toward $120,000. In this case, prominent online analyst TradingShot pointed out that Bitcoin nearly touched its four-hour 200-period moving average (MA) on Saturday, a critical support level since April 16. In a June 2 TradingView post, TradingShot noted that after testing this level, BTC immediately rebounded. While the bullish reaction has been moderate since price action remains capped below the four-hour 50-period MA, there are compelling reasons to expect an imminent breakout. Bitcoin price analysis chart. Source: TradingView Specifically, the formation of a blue Arc pattern over the past three weeks mirrors the price behavior seen during previous peaks and pullbacks since Bitcoin’s early April bottom. These Arc patterns have historically signaled significant upward momentum once the price breaks above resistance. Adding to the bullish cas...