In spite of the latest fall in Bitcoin‘s price, renowned crypto analyst TradingShot posits that this may not signal the end of the line for the leading cryptocurrency. This assertion follows his disclosure as to why Bitcoin could potentially surge to $200,000 within the current market trend.
Bitcoin Price Set To Rally To $200,000 Despite Recent Crash
In a TradingView post, TradingShot suggested that Bitcoin’s price might surge to $200,000, even after the recent market downturn. The analyst pointed out that Bitcoin’s price fluctuations have been significant at the start of the new year, influenced by global and economic events. Furthermore, he mentioned that this year could be the final year of the current bullish trend for Bitcoin.
In contrast, just because Bitcoin experienced a recent price drop doesn’t automatically imply it’s about to reach its market maximum. TradingShot suggested that the cycle peak could potentially begin around November, drawing upon historical patterns since the previous three peaks occurred in either November or December.
As a researcher delving into the world of cryptocurrencies, I’ve observed an interesting pattern: The previous cycle peak exceeded the Pi Cycle Top and landed on the Local High Channel (LHC) Zone from the top. This observation aligns with TradingShot’s forecast suggesting that Bitcoin’s price might approach $200,000, even if it merely brushes against the lower boundary of the LHC 2nd Zone from the Top by November 2025.
According to TradingShot’s analysis, the estimated peak price range for Bitcoin could be between $180,000 and $200,000. He considers this potential scenario as reasonable, as it might even fall short of the Pi Cycle’s peak. Last year, Standard Chartered also suggested a possible rally to $200,000 by the end of 2025, which they deemed “achievable.” Interestingly, Bernstein analysts have labeled a $200,000 prediction by year-end as a “conservative” forecast.
A Price Rebound Could Be On The Cards
2021 has seen a challenging beginning for Bitcoin’s price, dipping as low as $93,000. But crypto expert Ali Martinez offers reasons that hint at an upcoming price recovery. In a recent post, this analyst pointed out that around 22,000 Bitcoins, valued at approximately $2.10 billion, have been removed from exchanges over the past week.
This suggests a positive perspective for Bitcoin’s price due to substantial Whale accumulation often being a precursor to a price increase. Furthermore, Martinez noted that 63.92% of Binance traders have switched to buying BTC since its price fell to around $93,000. These traders had earlier been selling Bitcoin when it was trading above $100,000. Given this shift in trading behavior, a potential recovery may be on the horizon.
Currently, as I’m typing this, Bitcoin’s value is approximately $93,000 on the market. Over the past day, it has decreased by more than 2%. This information comes from data provided by CoinMarketCap.
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2025-01-10 03:04