Bitcoin Surges Above $107,000 Amid Global Market Turbulence

On June 16, the price of the leading cryptocurrency surpassed $107,000, despite volatility in global markets due to tensions between Iran and Israel. Starting from June 13, the price fluctuated within the range of $104,000 to $105,000.

At the time of writing, the asset is trading at $107,114, according to CoinGecko. Over the past 24 hours, the price has increased by 1.6%, and over the past week, it has risen by 1.4%.

The Fear and Greed Index stands at 61.

Prominent traders have predicted that the value of digital gold is poised to reach new all-time highs. They believe that the current consolidation phase signals a preparation for a new phase of a price rally rather than the conclusion of a bullish market.

Trader Alan Tardigrade pointed out the formation of a “rising expanding wedge” on the weekly chart.

He forecasts that this pattern could propel the asset’s price up to $170,000.

Additionally, the analyst highlighted the appearance of a “golden cross” on the daily chart, which occurs when the 50-day moving average crosses above the 200-day moving average.

“Since 2023, this signal has led to Bitcoin increases of 49%, 125%, and 68%. Based on these trends, the price could reach $152,000 or even $229,000,” he commented.

An expert known as Merlijn noted the development of a classic pattern known as «inverted head and shoulders.»

“What’s the breakout target? Over $140,000. The only obstacle is the neckline at $113,000,” he stated.

It’s worth recalling that on June 9, the price of the leading cryptocurrency surpassed the $107,000 mark amid capital outflows from spot ETFs and news of unrest in the U.S.

On June 13, the Bitcoin price dipped to $103,639 following reports of Israeli airstrikes on Iran.