Recent technical analysis indicates that Bitcoin (BTC) may be maintaining its short-term upward momentum, with prospects of reaching a new all-time high in the near future.
According to the pseudonymous crypto analyst BitBull, Bitcoin has established a Moving Average Convergence Divergence (MACD) golden cross beneath the zero line. This pattern has historically signaled significant upward movements, as noted in an X post dated September 10.
The analyst pointed out that during the last occurrence of this pattern in April, Bitcoin surged nearly 42% within just one month and achieved a new peak. A similar situation appears to be developing now, indicating that past trends might be repeating themselves.
Upcoming Price Targets for Bitcoin
The forecast suggests a possible rise towards $125,000 if current momentum persists. Two scenarios are considered: either an immediate breakout towards this target or a slight retracement to around $117,000 before continuing its ascent.
A MACD crossover occurring below the zero line signifies diminishing selling pressure while fresh bullish energy enters the market.
Additonally, easing inflation rates further bolster Bitcoin’s short-term momentum. The cryptocurrency experienced gains following an unexpected decline in U.S. wholesale inflation for August; specifically, the Producer Price Index (PPI) fell by 0.1%, marking its first decrease in four months after being revised up by 0.7% for July.
This weaker data has heightened expectations regarding potential interest rate cuts from the Federal Reserve at their upcoming meeting next Wednesday.
An Overview of Bitcoin’s Price Movement
In light of these developments, Bitcoin is striving to reclaim the $115,000 threshold. As of now, BTC is trading at approximately $113,332—an increase of nearly 2% over the last day and about 1% over the week.
If this momentum continues unabatedly, traders anticipate that $150,000 will emerge as another significant milestone on their radar for potential record highs.
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