Crypto Analyst Says Bitcoin Price Is Approaching Strongest Part Of The Bull Run, Here’s The Target

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As a seasoned crypto investor with a decade-long journey through the rollercoaster ride of digital assets, I find Tony Severino’s analysis intriguing and plausible. His historical data analysis aligns with my own observations, particularly the pattern of each peak in successive bull runs being roughly 20% of the previous cycle peak. The potential $133,000 price target for Bitcoin seems achievable, given the current market dynamics.

According to cryptocurrency expert Tony Severino, Bitcoin‘s price is getting closer to the most powerful phase of its bullish trend. By examining the data, Tony offered some predictions on just how high the leading digital currency might go as it nears its maximum value during this particular market phase.

Bitcoin Price Target For Strongest Part Of This Bull Run

Tony shared on X that he predicts Bitcoin’s price could peak at $133,000 during this current market surge. He believes this is due to the fact that the Bitcoin 2-month Relative Strength Index (RSI) is nearing 70, a level that has historically sparked the most powerful part of each previous bull run. If we look back at 2012, this led to an astounding price increase of 11,000%. More recently, it caused a price surge of 2,700% in 2016 and a rise of 437% in 2020.

In simpler terms, each major increase (bull run) in Bitcoin’s value has been approximately 20% larger than the one before it, based on past trends. If this pattern continues, a 20% increase from the impressive 437% rise seen during the 2021 bull run would put Bitcoin’s price at about $133,000. This potential growth would mean roughly an 87% profit for people who buy Bitcoin now.

Crypto expert Ali Martinez proposes purchasing Bitcoin at the current price, as it might not represent a late entry into the market. In a recent post on X, he explains that the Market Value To Realized Value (MVRV) ratio has surpassed its 365-day Simple Moving Average (SMA), which frequently indicates significant bull runs. Furthermore, he mentions that this “golden cross” event has occurred once more.

The chart alongside the analyst’s analysis reveals a 236% surge in Bitcoin price during the previous occurrence. This suggests that even with the latest surge beyond $73,000, there remains significant potential for further growth in the current market cycle for Bitcoin.

BTC Could Rise To $462,000

Ali Martinez expressed a more optimistic viewpoint than Tony on the potential height Bitcoin could reach during this bull market. In a recent post, he pointed out that Bitcoin has historically peaked within the range of the 1.618 and 2.272 Fibonacci retracement levels in previous bull cycles.

If Bitcoin’s price trends like it did previously, as suggested by Martinez, the potential peak could range from approximately $174,000 to $462,000. Various experts offer varying views on where Bitcoin might reach its top in this market cycle. However, there is general agreement that Bitcoin will surpass the $100,000 mark.

Experts such as Standard Chartered believe that the value of Bitcoin might surge beyond $100,000 by the end of this year, if Donald Trump were to win the U.S. presidential elections.

Currently, when I’m typing this, Bitcoin’s value is approximately $72,300 per coin, showing a nearly 2% increase over the past day based on information from CoinMarketCap.

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2024-10-30 19:16