Analyst: Bitcoin is unlikely to reach $150000 by the end of the year, with technical indicators indicating a significant pullback

Odaily Planet Daily reported that analysts pointed out that Bitcoin recently hit a historic high of $112000 before falling below $105000, raising doubts in the market about whether it can reach its target of $150000 by the end of the year. Technical analysis shows that the Bitcoin weekly chart shows a bearish divergence in RSI similar to the top of the 2021 cycle, suggesting that it may face a pullback of over 50%, with a target price of around $64000. Senior trader Peter Brandt warns that Bitcoin needs to return to the parabolic trend line, otherwise it may end the current bull market cycle. However, some analysts still believe that if the on chain indicator NUPL/MVRV ratio breaks through 1.0, the price of Bitcoin is expected to soar to the range of $150000 to $175000. Currently, Bitcoin is searching for direction around $105000. （Cointelegraph）