Bitcoin Price Analysis: BTC Surges As Bulls Look To Reclaim $120,000
Bitcoin (BTC) is up nearly 2% over the past 24 hours as buyers make a renewed push towards $120,000. However, the price is expected to face substantial resistance at that level. However, the flagship cryptocurrency has maintained its position above $116,000, indicating that bulls are not ceding ground to sellers.
BTC registered a sharp jump over the weekend thanks to bullish policy shifts and rising futures open interest.
Robert Kiyosaki Predicts Bitcoin Slump To $90,000
Best-selling author Robert Kiyosaki believes Bitcoin (BTC) could slide towards $90,000 thanks to the “Bitcoin August Curse.” However, Kiyosaki indicated he would use the decline as an opportunity to increase his Bitcoin holdings. He added that the real problem was the multi-trillion-dollar debt. Kiyosaki stated,
“Bitcoin Curse: Will the ‘Bitcoin August Curse’ crash Bitcoin’s price to below $90K? I hope so. If the Bitcoin August Curse hits and Bitcoin crashes, I stand by to 2x my position today. The problem is not Bitcoin. The real problem is our multi-trillion-dollar debt and incompetent PhDs running ‘the SWAMP,’ the Fed, and our Treasury. The Bitcoin August Curse will make most Bitcoin investors richer.”
The “Bitcoin August Curse” is a historical pattern where BTC has underperformed or experienced significant downward pressure. Experts have attributed BTC’s muted performance in August to seasonal low trading volumes and profit taking. Kiyosaki also warned his followers about traditional investments, calling financial planners liars and bonds unsafe.
“Financial planners lie when they say ‘bonds are safe.’ There is nothing safe in a market crash. The commercial real estate market is crashing. Moody’s downgraded U.S. bonds. Asians are buying gold. I’ve been buying real gold, silver, and bitcoin… oil and cattle… for years… Because I plan on getting richer during the coming crash and the next Great Depression.”
Bitcoin (BTC) Traders Brace For Short Squeeze
Bitcoin (BTC) is approaching the $120,000 mark as traders expect a strong performance next week. The flagship cryptocurrency roared back into positive territory on Sunday, surging past $117,000 as buyers began a renewed push towards $120,000. Analysts believe that BTC will continue to push higher next week. Popular trader Rekt Capital stated,
“BTC is on the cusp of reclaiming ~$117200 back into support. Bitcoin is hours away from a decisive Weekly Close.”
Another trader stated that while weekend prices could typically reverse when traditional markets reopen, BTC could reach new all-time highs next week.
“Just a 10% upward move will cause $18B+ in short liquidations, and big money is probably watching it. My guess is that Monday could be a bit bearish with BTC retracing its weekend pump. After that, we could see a move above $120,000.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) could end the weekend on a bullish note as price action picked up, propelling the flagship cryptocurrency towards the $120,000 mark. One popular analyst believes BTC could reach $131,000, basing his prediction on the existence of a volume shelf on the BTC/USDT daily chart. The analyst identified BTC’s current price levels as the launch area, stating that if the price consolidates above this level, it could suggest sufficient buying interest to propel the cryptocurrency higher.
BTC started the previous weekend in the red, dropping over 2% to $113,365. Sellers retained control on Saturday as the price fell 0.67% to $112,601. Despite the selling pressure, BTC recovered on Sunday, rising nearly 2% to reclaim $114,000 and settle at $114,307. The price continued pushing higher on Monday, rising 0.69% to cross $115,000 and settle at $115,097. The flagship cryptocurrency plunged to an intraday low of $112,707 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim 114,000 and settle at $114,139, ultimately registering a 0.83% drop.
Source: TradingView
BTC was back in positive territory on Wednesday, rising 0.80% to cross $115,000 and settle at $115,047. Bullish sentiment intensified on Thursday as the price rallied, rising over 2% to cross $114,000 and settle at $117,483. However, BTC was back in the red on Friday, dropping 0.83% to $116,512. Sellers retained control on Saturday as the price fell 0.48% to $115,957. The current session sees BTC up nearly 2%, having crossed $118,000 and trading around $118,180.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
