Bitcoin Bulls Eye $160K: Analysis Highlights Continued Momentum

Bitcoin’s recent dip appears to be a temporary pause in the bullish market trend, according to analysts who see strong upward momentum continuing. TradingView data confirms that Bitcoin remains close to its all-time high of $124,800, registering a robust 10% gain over the week. Technical indicators suggest a significant shift, with once-formidable resistance levels now acting as new support – a sign of positive trend strength. Analysts at TradingShot highlight a pattern reminiscent of Bitcoin’s surge in mid-2023, characterized by higher lows and consistent support from the 50-week moving average, a historical indicator pointing to prolonged bull phases.