Bitcoin has been resilient recently, staying above $70,000 for weeks. This has led to speculation about a potential bull run.
The upcoming April 2024 halving is adding fuel to the speculation. Historically, halvings have been followed by price increases.
Analysts have varying predictions for how high Bitcoin could go, with some saying $100k, $150k, or even $500k.
One analyst, TradingShot, predicts Bitcoin could reach $200,000 based on technical indicators and similarities to the 2020 bull run.
TradingShot also believes Bitcoin could reach $300,000, but this is a more extreme prediction.
Bitcoin (BTC) price has been staying above $70,000 for weeks and won’t go down any time soon.
Till when will the Bitcoin rally continue? How far up will we go? Are the Bitcoin dips over now?
All of these questions have an extra layer of speculative icing, considering how the April 2024 halving is less than a month from now.
How High Can Bitcoin Go?
Some analysts say $100k, some say $150k, and others even go as far as pinning a $500k target on the cryptocurrency.
An interesting post popped up on TradingView lately, from a prominent analyst, called TradingShot.
In the post, TradingShot expressed confidence in Bitcoin's strength overall during the current cycle and even stated that the cryptocurrency might hit $200,000 in the coming bull cycle, despite the massive 17% dip from $73,700 to around $60,000 that plagued the last two weeks.
Bitcoin’s resilience
Bitcoin’s price action
The analyst pointed out that Bitcoin has been remarkably resilient, and has even been showing some similarities between now and November 2020, when the last cycle started.
Keep in mind that in March 2020, Bitcoin traded at a meagre $3000 - $6000, ending the bull cycle around $69,000 only two years later, in May 2022 with a staggering 1,256% price increase.
The analyst posits that Bitcoin is now showing similarities between then and now, in both price movements and in technical indicators like the weekly Commodity Channel Index (CCI).
“The two sequences are identical, and the similarities on the 1W CCI even are striking.
Symmetry is at its best and it may be attributed to the fact that the dominant pattern for Bitcoin in the past 7 years (since July 2017), has been a Channel Up.”
The analyst observed that the dominant pattern on Bitcoin in the last 7 years has been the “Channel Up” which has held up consistently since 2017.
He also went further to employ the Fibonacci retracement levels to prove his points, stating that he expects Bitcoin to enter a “parabolic rally" soon, with an initial target set at the 1.618 Fibonacci level (which sits at $180,000).
The analyst says that should Bitcoin follow the “Double Top” formation, we might witness a blow-off top reaching as high as $200,000.
While all of the targets we have mentioned above sit below the 0.786 Fibonacci level of the channel, one of the most conservative price targets for Bitcoin put a cycle top target of around $200,000 for this cycle.
However, this goes without mentioning that the price of the cryptocurrency can surge even further to around $300,000.
Notably, Bitcoin recently reached a weekly high of about $71,200 before going through a period of correction. This price trend was accompanied by a change in the market, as the spot Bitcoin ETFs saw withdrawals slow down after five days of consistent outflows.
In summary, TradingShot's outlook shows that even if the market is still cautiously hopeful, the patterns and signs point to strong chances that Bitcoin will perform well in this cycle.
Meanwhile, both enthusiasts and investors continue to monitor the market to see if Bitcoin can live up to these ambitious expectations.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.