Bitcoin Price Targets Raised as Bull Market Gains Strength, Analyst Predicts Higher Highs

• Bitcoin is trading within an ascending channel, with key support at $61,317.15 and resistance at $64,460.23.
• The Golden Cross, formed by Bitcoin’s 50 and 200 EMAs, signals potential continuation of the current uptrend.
• Mixed momentum from the Awesome Oscillator suggests possible consolidation before a breakout or breakdown in Bitcoin’s price.

DrProfitCrypto, a crypto analyst on X, has recently updated his bullish forecast for Bitcoin. Previously predicting a top range of $170,000 to $220,000 for the cryptocurrency in this bull market, he now hints at an even higher target. The analyst noted that market conditions have evolved positively and plans to release a revised prediction following further calculations.

Bitcoin Trend Analysis and Key Support Levels

Bitcoin’s price action continues to follow an ascending channel, signaling a medium-term uptrend. Currently, the cryptocurrency is supported by the lower trendline at $61,317.15, a level that has historically attracted buying interest. 

On the other hand, resistance stands at $64,460.23, where selling pressure has consistently emerged. Notably, buyers have continued to step in during price dips, maintaining the market within the bounds of this ascending channel.

Technical indicators, such as the volume and accumulation/distribution line, reflect steady market activity. Bitcoin’s accumulation pattern is currently cautious but supports the broader uptrend. Volume analysis reveals moderate buyer interest, while the Awesome Oscillator shows that bullish momentum is still dominant, albeit with possible short-term consolidations.

Moving Averages and Critical Price Levels

Bitcoin remains above both the 50-period EMA at $62,455.26 and the 200-period EMA at $60,288.37, reinforcing its bullish position. The recent formation of a “Golden Cross,” where the 50 EMA crossed above the 200 EMA, adds further confidence in the continuation of the uptrend. Despite this, the market should keep an eye on volume fluctuations, as a drop below these key moving averages could lead to a deeper correction.

A breakout above $64,460.23 could open the door to higher price levels, including the next resistance at $66,000 or beyond. However, if Bitcoin fails to maintain support, it may retest the $61,317.15 level and potentially dip further toward $60,000.

Market Outlook and Potential Scenarios

The cautious accumulation of Bitcoin suggests the uptrend could continue if key support holds. However, the mix of green and red bars on the Awesome Oscillator signals potential consolidation before any major price movement. A breakout above resistance or a break below support will likely define the next phase of Bitcoin’s market behavior.