Market Outlook: Is Bitcoin Heading Towards $113,000 or Facing a Correction?

Bitcoin has been observed rallying close to the 104,000 area, as the signing into law of the Bitcoin Strategic Reserve has turbo-charged Bitcoin and the crypto market higher. It was also mentioned earlier that a rally in altcoins was needed to follow Bitcoin, which subsequently occurred.

A quick update on Bitcoin is deemed necessary, so the next short-term possibilities will be discussed.

BTC has beautifully tested the very upper bounds of trendline resistance, according to the 30-minute extended wedge. The rejection at the top suggests that a minor correction could occur before another upward movement.

If the powerfully extended edge pattern is broken, a move towards 113,000 is hinted at.

Bearish MACD divergence has been noted down towards the 100,700 area, indicating that this spot should be monitored for new Longs.

A new short-term signal will be issued today with this in mind, following the recent success of the Long taken from mid-April in the Short-term category. Although short-term trading is not favored, exceptional trading conditions warrant activity. Typically, a wait would be preferred before re-entering, but the current situation is seen as favorable.

In terms of signals suggesting that this move is likely to persist, the indicators have continued to look promising. Despite the major price ramp, Biyond Atlas has only dropped a marginal 11 points, leaving considerable upside potential for Bitcoin.

Regarding Ethereum, a major price ramp back towards 2,800 is anticipated initially. Following this, a correction could occur, and the next target is imagined to be an attack towards 4,000.

Considering the percentage of ETH traders in profit, a further 30-40 percent upside is believed to be possible before a significant correction takes place. This sentiment is echoed regarding altcoins in general, with expectations for SOL to reach 260 if Bitcoin approaches 113,000 or higher.

Overall, the market is perceived as strong, with hopes that the current phase is just the beginning rather than a mid-race scenario.

Short-Term: Pending 

A new short-term signal is being issued based on the expectation of a correction occurring in the near term, rather than a direct rise to 113,000. A solid risk-reward setup is present, and the signal will be updated on the Trade Blotter shortly.

- Long: 101,760 USD

- Stop Loss: 98,000 USD

- Target: 113,000 USD

Medium-Term: Long 

This trade will appear much more favorable if 113,000 is crossed without any pullback. In this case, the target will remain unchanged and not be adjusted to 139,000.

- Long: 82,000 USD

- Stop Loss: 65,000 USD

- Target: 150,000 USD

Long-Term: Long 

It is believed that if the cycle unfolds fully, Bitcoin could achieve a price of 230,000. The target will be adjusted if market conditions necessitate it. It is expected that the price of Bitcoin should not fall below 72,000, as a crash may be likely. A slightly wider stop loss is set in case a final stop hunt occurs.

- Long: 79,000 USD

- Stop Loss: 65,000 USD

- Target: 180,000 USD

Maria, Coinlayers.com