Bitcoin (BTC) price formed a local bottom at $100,300 (approximately 138.42 million won) on June 6th and is attempting to reverse its trend by breaking through the downward trend line. Currently, the chart pattern is gradually building expectations for a challenge to its all-time high.
Particularly, with the technical analysis indicator 'Doji Candle' and a pattern similar to the previous bullish market, some analysts predict that Bitcoin could rise to $120,000 (approximately 166.80 million won). The Doji Candle is a signal indicating a balance between buying and selling pressures, often interpreted as implying a strong directional change.
Additionally, according to on-chain data, long-term investors are actively absorbing newly circulated Bitcoin. This 'HODLing' phenomenon has previously served as a precursor to Bitcoin price increases. As it reduces market supply, it is likely to lead to price strength in the long term.
Bitcoin's recent movements can be influenced by complex factors such as the US presidential election, macro indicators, and the Federal Reserve's interest rate policy. Especially with former President Trump maintaining a cryptocurrency-friendly stance and suggesting regulatory relaxation, investors are spreading expectations that political changes could positively impact Bitcoin demand.
Some experts analyzed that "Bitcoin has undergone sufficient adjustment and entered a phase of re-acceleration" and "it is highly likely to enter a price increase cycle similar to the past". At the point where price patterns and investment sentiment intersect, the possibility of medium to long-term appreciation is gaining weight.
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