Bitcoin price has made a strong bullish breakout and surged to a record high this week. Odds are that the coin will continue rising in the coming weeks, with the next viable point to watch at $122,000. So, how high will the Pepe Coin price rise if BTC surges to that target level?
Why Bitcoin price will jump to $122,800
Technicals suggest that the Bitcoin price will surge and get to $122,800 in this bull run. This target is because the coin has formed a cup and handle pattern at around $68,932. A C&H pattern is one of the most popular bullish continuation signs.
The depth of this cup was about 78%. Therefore, if we measure the same percentage from the upper side of the cup at $68,932, we find the most viable target at $122,800, which is about 16% above the current level.
If this happens, Bitcoin could either consolidate or even suffer a harsh reversal as investors take profits. It will then bounce back as its journey towards $200,000 intensifies.
Bitcoin also has numerous fundamentals, including rising demand and falling supplies. Data shows that Bitcoin balances in exchanges have continued falling and are at an all-time low. Mining difficulty is rising, while demand from institutions and individuals is rising. Indeed, data by SoSoValue shows that spot BTC ETFs have had inflows in the past two consecutive weeks.
Pepe coin price prediction
There are rising odds that other altcoins like Pepe coin price will stage a strong comeback if Bitcoin continues its strong rally.
On the daily chart, we see that the coin crossed the important resistance point at $0.00001725 on November 13. That was a key point since it was the upper side of the cup and handle pattern. It also retested that level, which is notable since a break and retest is a popular continuation sign.
Pepe coin has also remained above the 50-day and 100-day moving averages, a sign that bulls are in control for now.
Most recently, the Pepe coin price has formed a falling wedge pattern, which is nearing its confluence level. Therefore, the meme coin will likely jump to the year-to-date high of $0.00002825. A move above that level will see it rise to $0.000032, the upper side of the Andrews Pitchfork tool, which is about 34% above the current level.
