Bitcoin (BTC) Price Prediction: Expert Views This Position as Crucial to Reach a Record High of Over $150,000

Bitcoin (BTC) has encountered resistance in breaking above the $90,000 mark, a move that an expert says is crucial for the asset to reach a record high of over $150,000.

Pointing to the Pi Cycle Top Indicator, prominent on-chain cryptocurrency analyst Ali Martinez suggested that Bitcoin could go as high as $155,400 but must maintain a price above $91,400, he said in an X post on April 27.

The Pi Cycle Top Indicator, which tracks the 111-day moving average (MA) against twice the 350-day moving average, is used to predict major peaks in the Bitcoin market. Now, Martinez’s outlook is that the two averages are converging again, signaling a potential top if Bitcoin holds above $91,400.

Although the analyst did not provide a timeline for Bitcoin to remain above this level, it comes at a time when the digital currency is seeing short-term momentum, driven by supposedly easing trade tensions between the United States and China.

Another cryptocurrency analyst, Ted Pillows, believes that Bitcoin will likely trade at $150,000 during this cycle but pointed to a different catalyst.

In an X post on April 27, Pillows noted that a surge in global M2 supply could trigger Bitcoin’s rally, as the asset has historically tracked expansions in global liquidity.

He also addressed concerns over misleading data suggesting a drop in India’s M2 supply, attributing it to a technical glitch. Even if M2 stabilizes, Pillows believes strong fundamentals and technical indicators position Bitcoin to surpass $140,000.

Meanwhile, as reported by Finbold, crypto trading expert TradingShot believes that Bitcoin has a chance of claiming $140,000 by August, citing the asset’s technical outlook and historical trends.

Indeed, further on-chain data supports the possibility of Bitcoin hitting a new high, with insights from crypto analytics platform Santiment suggesting investors anticipate a continued price rebound for BTC.

Specifically, as of April 26, over 40,000 BTC had been withdrawn from centralized exchanges within a week. Such a shift often signals a growing trend of investors moving their assets to cold storage, suggesting strong confidence in Bitcoin’s long-term value.

Historically, large exchange outflows are considered bullish for Bitcoin, as they reduce the amount of BTC available for sale on the open market.

Bitcoin price analysis

Bitcoin was trading at $94,177 at press time, down modestly by less than 0.1%. On the weekly timeframe, BTC is up over 11%.

As Bitcoin has broken out on the weekly chart, the asset’s relative strength index (RSI), with a reading of 68.65, suggests it may be entering the overbought zone.

Additionally, the price remains well above both the 50-day and 200-day simple moving averages (SMA), with the 200-day SMA currently at $86,241, reinforcing the strong upward trend.