Bitcoin’s Price Structure Hints at a $200,000 Surge

Crypto analyst TradingShot predicts that Bitcoin could surge towards $200,000 before the next market boom. Their analysis is based on Bitcoin’s rebound from its 50-week moving average and support found at the 50-day MA level. According to TradingShot, a critical resistance zone lies at the 0.5 Fibonacci retracement, a point that has capped gains since mid-2022. This resistance could act as a trigger for a move towards the 0.786 Fibonacci area, potentially hitting $200,000. Data from analyst Ali Martinez shows support levels at $118,163 and $116,934, where over one million BTC traded during recent activity. These price points are both technical and psychological support that could buffer against potential selling pressure. Bitcoin, currently trading around $120,920 (up over 6% this week), is well above its 50-day SMA of $114,109 and 200-day SMA of $92,926, indicating a strong bullish trend. An RSI reading near 60 suggests there’s room for further price growth before reaching overbought territory.