Renowned economist Henrik Zeberg predicts that Bitcoin (BTC) could reach a price of $111,000 due to the convergence of a technical indicator and a bullish market structure.

In a recent video update on Trade Gate Hub, Zeberg suggests that the leading cryptocurrency by market capitalization could experience a significant surge to six figures by August. According to Zeberg, Bitcoin has historically entered a parabolic phase once its monthly relative strength index (RSI) surpasses 70.

“I anticipate a price range of $110,000 to $115,000 for Bitcoin. This is part of a larger pattern. It could mark the start of a new bull run, but it will require a substantial cooldown period after the blow-off top. However, we have not yet reached the steepest part of the curve. Once the RSI exceeds 70, that’s when we can expect the sharpest incline. Some may argue that it’s declining, but it has done so in the past before entering the steep phase… Additionally, we haven’t even concluded this month yet, and April could still be a highly bullish month.”

Bitcoin’s RSI, a momentum indicator, currently stands at 71. Zeberg suggests that Bitcoin could potentially even reach a price point above $200,000.

“In a more extreme scenario, I can envision Bitcoin reaching $250,000, but my target range is $110,000 to $115,000.”

At the time of writing, Bitcoin is trading at $66,115.

Subscribe to our email alerts to stay updated on the latest developments. Check the price action and follow us on Twitter, Facebook, and Telegram. Explore The Daily Hodl Mix for more information.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that all transfers and trades are made at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl participates in affiliate marketing.

[Image: DALLE3]