Bitcoin Price Indicator Signals Potential Surge to $130,000

Despite the consolidation of the leading cryptocurrency, its On-Balance Volume (OBV) indicator suggests a potential rise to $130,000-$135,000 in the third quarter. Analyst Kas Abbe pointed this out.

An increase in OBV reflects buyer momentum, while a decline indicates seller dominance. Should the indicator continue to rise, Bitcoin is likely to break free from the $103,000-$111,000 range it has occupied since May, according to the expert.

Historical price trends reveal that Bitcoin often experiences sharp breakouts when rising OBV confirms underlying buyer pressure during periods of stagnation.

From March to April, the digital gold fluctuated within a range of $76,000 to $84,000 as OBV began to establish higher lows. This was followed by a rally of nearly 60%, pushing asset prices above $110,000 by May.

Additionally, a user known as Bobby A noted the emergence of a «bull flag» pattern on Bitcoin’s weekly chart.

This formation indicates the potential for a rapid increase followed by consolidation.

In the short term, analyst and founder of MN Trading, Michael van de Poppe, suggested that a test of $106,000 could occur, alongside further upward movement, especially since the market has reacted cautiously to the June Federal Reserve meeting and returned to «normal trading patterns.»

It is worth noting that Binance founder Changpeng Zhao has predicted that the price of digital gold could reach $500,000 and even $1 million within the current cycle.

Previously, Standard Chartered urged the purchase of the leading cryptocurrency, forecasting its prices to rise to $120,000 in the fourth quarter.