Bitcoin is on fire, recently blasting past $123,000! Experts are predicting a rocket ride to $140,000 in the coming weeks, fueled by strong technical indicators and positive economic news.
$140,000: The New Target
Crypto analyst Mr. Wall Street sees Bitcoin’s price action as incredibly bullish. He points to a recent breakout from a technical pattern (a Broadening Wedge) as confirmation of his earlier predictions. This breakout, above the $112,000 resistance level, suggests a strong upward trend. His analysis indicates the next short-term target is between $135,000 and $140,000.
Initially, Mr. Wall Street outlined two possibilities: a direct surge to $117,000-$120,000 after breaking $112,000, or a small dip to $92,000 before the same upward movement. Bitcoin chose the first, showing its powerful upward momentum.
The surge past $123,000 highlights a significant liquidity pool between $135,000 and $140,000. Reaching this level could trigger a massive liquidation of over $45 billion in short positions! Beyond that, another $70 billion in short positions are at risk between $160,000 and $170,000.
Macroeconomic Factors and Chart Indicators
Mr. Wall Street’s bullish outlook is backed by both macroeconomic factors and technical indicators. The recent increase in the US debt ceiling, leading to a larger M2 money supply, is expected to boost asset prices, including Bitcoin.
Bitcoin’s technical indicators are also looking strong. The MACD (Moving Average Convergence Divergence) is positive across all timeframes, the MVRV (Market Value to Realized Value) ratio is still low compared to past peaks, and the RSI (Relative Strength Index) isn’t yet in overbought territory. All of this suggests Bitcoin is far from its peak.
The Supercycle Continues
Mr. Wall Street believes Bitcoin is in a “supercycle,” a period of rapid price discovery. While he acknowledges a potential short-term dip back to $112,000 is possible, he expects any pullbacks to be brief. The overall trend, he says, is likely to be fast and furious.
