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Cryptographic analyzer TradingShot I previously predicted that Bitcoin price could rise to $150,000 in this uptrend. With the major cryptocurrency now approaching the $100,000 mark, the analyst charted Bitcoin’s current price action and provided insights into how the cryptocurrency could reach that $150,000 target by 2025.
Current Bitcoin price action and the path to $150,000
In a TradingView ShareTradingShot reported that Bitcoin’s price now lies outside the 0.786 to 1.0 Fibonacci range, where it consolidated from March 2024 through October 2024. The analyst noted that the breakout in October was largely thanks to the US presidential election and the euphoria that followed. Donald Trump won.
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TradingShot said that the price of Bitcoin has been outside this range for only one month and is already much higher. He noted that last month’s candle was similar to the months of November 2020 and May 2017. Coincidentally, those periods were when “the most… Aggressive marches From those upward cycles began.
The cryptocurrency reported that the price of Bitcoin was at a 71.5 degree angle between May and December 2017. In the 2021 cycle, the price of Bitcoin was at a 68.5 degree angle (3 degrees lower) between November 2020 and April 2021. If this is the trend, TradingShot noted, it is safe to assume The 2024/2025 equivalent high could be at an angle of 65.5° (-3° from the previous cycle).
In line with this, TradingShot said this gives Bitcoin price a potential target of $300,000 as early as May 2025 if the cryptocurrency records a double top cycle as in 2021. Meanwhile, a cryptocurrency analyst confirmed that The goal is $150,000 It is considered “very reasonable” from a technical analysis perspective since it is located below the top of a multi-year channel highlighted on the chart.
What’s next for BTC is still unclear
Amid this bullish Bitcoin price prediction, a cryptocurrency analyst Kevin Capital He suggested that BTC’s move is still unclear. He stated that although Bitcoin has a lot of liquidity on the downside at around $88,000, the real bulk of liquidity is still in the $100,000 to $103,000 range. Accordingly, the analyst stated that it is best to sit back and watch what comes next.
Meanwhile, cryptocurrency analyst Mikipol Crypto noted that Bitcoin’s price may face a cooling-off period in the meantime. This came as he revealed that a sell signal was flashing on Bitcoin dominance for the first time since 2020. In line with this development, he stated that it was officially… Altcoin season.
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Blockchain Center Data It appears that it is indeed altcoin season. In the last 90 days, 75% of the top 50 coins by market cap have outperformed Bitcoin. With this being altcoin season, Bitcoin could cool off while altcoins post equivalent highs.
At the time of writing, Bitcoin is trading at around $95,600, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com