A crypto timing model is painting a notable bullish case scenario for the leading cryptocurrency Bitcoin, following its recent upclimb to a new all-time high. The model outlines two possible outcomes for Bitcoin in the near term, with one leaning more bullish than the other.
On May 16, Weiss Crypto, a leading provider of crypto and stock ratings, reported that Bitcoin, the leading cryptocurrency by market cap, is on track to reach a new all-time high. According to the report, the Crypto Timing Model pointed to May 23 as a key date to watch out for.
The model also indicated that Bitcoin was still in a bull market and that the 320-day cycle would likely continue in early July.
Notably, Bitcoin hit a new all-time high on May 22 after successfully maintaining its position above $100,000 over the last two weeks.
This morning, Bitcoin surpassed its previous high of $109,300 attained in January, to trade around the $109,500 price mark. The big bull continued its Thursday rally, hitting a fresh high of $111,886 shortly after.
What is next for Bitcoin? Crypto Model points to $150,000
According to the Crypto Timing Model presented by Weiss, Bitcoin is inclined to maintain its current trajectory, with the potential of hitting $150,000 or going higher in the long term. However, a mild price decline might be observed in the near term.
“Our Crypto Timing Model indicated we were on the verge of a new all-time high, almost to the letter. Here’s what the model expects BTC to do next: A slight pullback either late this week or next. Then a clear path to $150k and possibly higher.” Weiss wrote.
At report time, Bitcoin, up 8.06% over the last 7 days, is trading at $110,476 per coin.
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