Katie Stockton, a prominent cryptocurrency analyst and founder of Fairlead Strategies, has forecasted that Bitcoin could escalate to $135,000 in the medium term, underscoring a strong bullish trend. In an interview with Finance Newso on Monday, Stockton indicated that Bitcoin (BTC) is poised for a surge before entering a ‘corrective phase.’
Reflecting on the recent market movements, she noted that prior to this significant breakout, Bitcoin experienced nearly eight weeks of consolidation, which she described as feeling like “ancient history right now.”
From these breakouts, Stockton’s firm has developed “measured move projections,” which assume that the prevailing trend, including its corrective phases, will continue. “That puts Bitcoin at around $135,000 as an intermediate-term objective,” she explained. “It seemed pretty aggressive a few days ago, maybe now a little less so.”
On Monday, Bitcoin reached a new all-time high of $123,091, driven by substantial institutional interest. Currently, over 265 companies hold Bitcoin on their balance sheets, marking a significant increase from just 124 companies since June 5th.
Stocks Tied to Bitcoin Expected to Surge: Stockton
Stockton also highlighted that stocks linked to Bitcoin, such as Coinbase and those associated with Michael Saylor’s Strategies, are likely to see an increase in performance. Furthermore, she pointed out positive movements within Ether and XRP, remarking on the “positive action across the universe of cryptocurrencies.”
“From a technical perspective, we are observing some actionable breakouts, where some are major breakouts and others are minor breakouts,” Stockton said during her appearance on Finance Newso’s “Closing Bell.”
She noted that individual stocks that have correlated with these cryptocurrencies have also seen significant gains. In particular, she identified a cup-and-handle pattern in Coinbase’s stock, reinforcing her positive outlook.
Strategy (formerly MicroStrategy) has also experienced a long-term uptrend, witnessing both highs and lows, and has now achieved its own short-term breakout.
“So, there does seem to be positive action across the board,” Stockton remarked.
Additionally, Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, credited Bitcoin’s recent surge to rising institutional adoption. He expressed to Finance Newso that the significant demand for ETFs indicates ongoing upward momentum.
“A short-term pullback looks unlikely, with Bitcoin more likely to test higher levels in the weeks ahead,” Elkaleh stated.
Despite the influx of capital into Ethereum driven by ETFs and ongoing tokenization narratives, Bitcoin’s dominance in the market remains strong. Elkaleh noted, “Until BTC dominance decisively breaks below 62% and ETH/BTC strengthens further, Bitcoin will likely continue to stymie the growth of alternative layers.”
The post Analyst Predicts Bitcoin Hitting $135K Amid Breakout Rally This Month appeared first on Finance Newso.
