Bitcoin has recovered its bullish cycle and is now consolidating above the 6/8 Murray and above the 21SMA. We believe it could continue to rise in the coming days, reaching the 7/8 Murray at 121,875 and even reaching the 8/8 Murray around the psychological level of $125,000.
If Bitcoin makes a technical correction toward the support at 118,750 or the secondary uptrend channel around 118,200 in the coming hours, this will be seen as a buying opportunity, with targets at $121,500.
If Bitcoin breaks below the secondary uptrend channel and consolidates below $118,000, a strong technical correction is likely, potentially reaching the Murray 5/8 at 115,625 and even the Murray 8/8 around 112,500.
The outlook for Bitcoin remains bullish, with a potential hit of $123,000 or even $125,000 in the coming days. In the meantime, we will look for opportunities to buy above $118,000.
Bitcoin's outlook could change if it falls below the 4/8 Murray level at 112,500 in the medium term, then the BTC price could approach the psychological level of $100,000.
