Bitcoin continues to show growth, closing the second consecutive week above $115,000. Analysts note that this could mean further positive trends.
Why Bitcoin is Bullish Above $115,000
Bitcoin price completed its second consecutive week of gains, ending 8% above its August 30 low. Bitcoin reclaimed the key $115,000 level that had capped growth since August 24. Trader Titan of Crypto noted that this is a key level on the weekly timeframe, and its support aligns with the Tenkan line in the Ichimoku Cloud indicator, which signals short-term momentum and possible trend changes.
Where is Bitcoin Price Heading?
The upcoming FOMC decision may act as a driving force for Bitcoin’s price growth. Lower interest rates traditionally boost interest in assets like Bitcoin. From a technical perspective, the BTC/USD pair is within a bull flag on the four-hour chart. A close above $115,800 would confirm a breakout, potentially leading to a rise to $122,000.
What Analysts Say About Bitcoin's Future
Analysts are predicting a target price of $120,000 for Bitcoin, citing bullish futures data and possible breakouts. Some experts, like Jelle, expect a 35% increase to $155,000, referencing a bullish signal from the weekly stochastic RSI. Jelle highlighted that this signal appeared nine times in the current cycle, leading to an average price increase of 35%.
Given the current situation, Bitcoin has promising prospects for further growth. Short-term trend analysis and awaited macroeconomic events could significantly impact the price.
