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Based on historical trend patterns, one cryptocurrency analyst has predicted that Bitcoin will reach a staggering peak of $400,000. this Ambitious price target It would take Bitcoin to jump more than 6 times its current price, marking a historic milestone, as the cryptocurrency’s market cap would exceed $7 trillion.
The Bitcoin Power Law indicates an increase of $400,000
Bitcoin price dynamics A potential bullish rally has been hinted at, as the cryptocurrency has steadily maintained a price above crucial resistance levels around $60,000. according to Cryptocurrency Analyst Ali Martinez, Broader Cryptocurrency Market Sentiment I turned To “greed” again after Bitcoin prices recently rose to $64,750.
grant Bitcoin market movementsMartinez maintained an optimistic outlook on the cryptocurrency. Recently revealed X (formerly Twitter) mail That Bitcoin could see its price rise to $400,000 if Bitcoin’s power law holds true.
Bitcoin’s power law is a mathematical relationship between… Bitcoin price And time. This law predicts that price Bitcoin will rise to $100,000 Between 2021 and 2028, with a certain guarantee that in 2028, the value of the cryptocurrency will never fall below $100,000. In addition, the law also predicts that the price of Bitcoin will reach $1 million per coin sometime between 2018 and 2037, stipulating that after 2037 the price will never fall below $1 million.
In his post, Martinez revealed that the expected price jump of $400,000 will be a major milestone The next summit of the cryptocurrency marketsurpassing March’s all-time high of over $73,000 by about 440%. He established this ambition Drop price Not only on Bitcoin’s long-term power law but also on historical market trends.
Martinez presented a historical chart of the Bitcoin price dating back to 2011, predicting that the timeline for this expected $400,000 price rise could happen in 2025. The analyst also identified three crucial levels for the Bitcoin price: the $392,532 price mark as resistance, with support identified at $37,146 and a linear regression fit to about $104,693.
While there are a few crypto members See Martinez’s forecast of $400,000 Bitcoin was cast in a positive light, and others remained skeptical as well Doubt The possibility of such a dramatic boom or suggestion A price increase between $160,000 and $200,000 was a more realistic goal.
BTC will leave downtrends behind
Bitcoin price was on Steady upward momentum Over the past few weeks. According to data from CoinMarketCap, Bitcoin rose above $64,000 this week, representing a 2.88% increase in its price.
Given the recent spikes in cryptocurrency prices, said cryptocurrency analyst, Jelly Announce That Bitcoin market structure is inches away from leaving the downtrend completely Upward shift. He revealed that the leading cryptocurrency is already trapped in two higher lows and is close to making a higher high as well.
As a result of these developments, Geely expects that Price: $65,000 The key resistance level was to break, indicating a… Potential rise to new highs after that.
Featured image created with Dall.E, chart from Tradingview.com