A prominent economist has predicted that Bitcoin (BTC) could potentially reach $111,000, citing a technical indicator and a bullish market structure.
In a recent Trade Gate Hub video update, economist Henrik Seeberg suggested that based on a key indicator, the market-cap-leading cryptocurrency could reach six figures by August.
Seeberg notes that historically Bitcoin enters a parabolic phase after its monthly Relative Strength Index (RSI) rises above 70.
According to Zeberg, he sees Bitcoin at around $110,000-$115,000. He sees this as either the start of a new bullish streak or a significant breakout after the formation of a blow-off top.
“We haven’t hit the really steep part yet. We see that we reach the RSI above 70, which is really when we start to see the steep part. […]April could still be a very bullish month.”
Bitcoin’s RSI, a momentum indicator, is currently at 71. Zeberg also suggests that it is even realistic for Bitcoin to break above $200,000.
Zeberg foresees an even more unlikely scenario, suggesting that Bitcoin could reach $250,000, but his target is $110,000 to $115,000.
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