Prominent economist Henrik Seeberg predicts Bitcoin (BTC) could reach $111,000 by August, based on a technical indicator and bullish market structure. Seeberg suggests that Bitcoin enters a parabolic phase when its monthly Relative Strength Index (RSI) exceeds 70, which it currently does at 71. He anticipates Bitcoin reaching $110,000-$115,000, potentially marking the onset of a new bullish trend or a significant breakout.
Renowned Economist Predicts Bitcoin's Meteoric Rise to Six Figures, Fueled by Bullish Sentiment and Technical Indicators
In a recent Trade Gate Hub video update, renowned economist Henrik Seeberg unveiled his bold prediction that Bitcoin (BTC), the world's leading cryptocurrency, could potentially skyrocket to $111,000 by August. This optimistic forecast is anchored by a key technical indicator and the cryptocurrency's bullish market structure.
Seeberg, an experienced market analyst, cited a historical pattern in which Bitcoin enters a parabolic phase once its monthly Relative Strength Index (RSI) surpasses 70. Currently, Bitcoin's RSI stands at 71, signaling the potential for a significant surge.
"We haven't hit the really steep part yet," Seeberg remarked during the video update. "We see that we reach the RSI above 70, which is really when we start to see the steep part. [...] April could still be a very bullish month."
Beyond reaching $111,000, Seeberg believes Bitcoin has the potential to break past $200,000. While acknowledging that this scenario is less likely, he remains confident in a target range of $110,000 to $115,000.
"We could even see a blow-off top forming, where we could see a very steep increase in the price of Bitcoin," Seeberg explained. "That would be a very unlikely scenario, but it's something that we could see."
Seeberg's prediction is further bolstered by Bitcoin's bullish market structure. The cryptocurrency has consistently maintained a strong uptrend since its recovery from the COVID-19 pandemic in 2020. This bullish momentum is expected to continue in the coming months, providing a favorable environment for Bitcoin's price appreciation.
While the cryptocurrency market remains volatile, Seeberg's analysis provides compelling evidence for Bitcoin's potential to reach new heights. Investors should exercise caution and conduct thorough research before making any investment decisions, but the prospect of Bitcoin reaching six figures is certainly tantalizing.
