Bitcoin Bulls Decimated By Rising Treasury Yields: Why Is This Analyst Targeting $120,000?

The Bitcoin downtrend remains at spot rates. Following losses over the weekend, the bleed continues, and prices might continue slumping in the days ahead. How the coin performs in the short to medium term highly depends on the reaction at April 13 lows at $60,700. Any breakout confirming losses of Saturday might trigger more selloffs, heaping more pressure on the coin ahead of the all-important Halving event.

How the coin performs hinges on sentiment, a factor highly dependent on price action. On the last trading day, Bitcoin was stable but down 9% in the past week. At the same time, the average trading volume in the past 24 hours is $39 billion, down 9%.

Meanwhile, the following fundamental events might shape prices in the coming sessions:

• One analyst says that the positive correlation Bitcoin has with gold could propel the coin by nearly 2X to over $120,000 in 2024. Rising adoption, primarily through spot ETFs in the United States, and the digital nature of the coin gives it an edge.
• Rising Treasury yields are why one analyst is scaling down on his exposure to Bitcoin, predicting prices to fall even further in the coming weeks. The Federal Reserve of the United States maintains a bullish stance, given the streams of positive economic data.

Bitcoin Price Analysis

BTC/USD is within a bullish formation from a top-down preview.

Bears have yet to unwind gains from Q1 2024, even with the current draw down.

Traders can search for short entries if prices are below $68,000 and inside the April 13 bear bar. In that case, the short-term target is $60,000 and $53,000.

Conversely, any upswing above $68,000 will drive Bitcoin back to the last one-month trading range. This might be the foundation of more gains towards all-time highs.