A widely followed economist says a $111,000 price tag for Bitcoin (BTC) is on the horizon, amid the alignment of a technical indicator and a bullish market structure.
In a new video update on Trade Gate Hub, economist Henrik Zeberg says say that based on a key indicator, it is possible that the top crypto assets by market cap will ‘melt’ into six figures in August.
According to Zeberg, the crypto king has historically entered a parabolic phase after its monthly relative strength index (RSI) rose above 70.
“So I got $110,000-$115,000 for Bitcoin. It’s actually part of a larger pattern. I see this is the beginning of a new bull [run]but a long pause is needed after the blow-off top.
But we haven’t gotten to the really steep part yet. We see we are getting there [an] RSI above 70, then we really see the steep part. And then people say, ‘Yes, but it’s decreasing,’ but that’s what happened [previously] in the steep part… And we haven’t even got the last of this month yet, April could still be a very bullish month.”
Bitcoin’s RSI, a momentum indicator, is currently to sit at 71. Zeberg goes on to say that it is even possible for Bitcoin to reach a price tag of over $200,000.
“I can see even in a crazier world… we can get to $250,000, but $110,000 to $115,000 is my goal.”
Bitcoin is trading at $66,115 at the time of writing.
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