A crypto analyst has suggested that bitcoin/historical-trends-bitcoin-price/” rel=”nofollow noopener” target=”_blank”>bitcoin price movements were indicative of a potential increase to $300,000. The analyst has revealed keys indicators and technical patterns that could indicate btc's momentum towards a new all-time high target.
bitcoin primed for an aggressive bull cycle phase
A crypto analyst identified as 'TradingShot' on TradingView, a financial market analysis platform, bitcoin-This-is-where-historically-the-fun-begins/” rel=”nofollow noopener” target=”_blank”>released a post, predicting bitcoin's rise to $300,000. In his analysis of Historical bitcoin Price Movements From 2012 to 2024, TradingShot revealed that btc had successfully tested and maintained the Mayer Multiple Average (MM) and is currently in a consolidation phase.
bitcoin/bitcoin-bounces-historic-mayer-multiple-bottom-zone/” rel=”nofollow noopener” target=”_blank”>The mean of the Mayer multiple (MM) It is a technical indicator that calculates the relationship between the price and the 200-day moving average. It is also used to determine whether bitcoin is undervalued, overbought, or fairly priced.
sharing a bitcoin/similarities-bitcoin-2020-2023/” rel=”nofollow noopener” target=”_blank”>btc price chart, the cryptanalyst highlighted several green arrows pointing to where the most aggressive historical period of the bull cycle began. The green arrows had been marked in different areas in 2013, 2017, 2021, years that followed the bitcoin/fourth-bitcoin-halving-completed/” rel=”nofollow noopener” target=”_blank”>Halving bitcoin dates.
Interestingly, the analysis was also based on the application of Fibonacci extensions from previous cycles. By measuring the Fibonacci extensions from the MA lows to the previous highs, TradingShot identified a unique pattern along with a progression in bitcoin price cycles.
The cryptanalyst had revealed that Cycle 1 had risen marginally above Fib 2.0, while Cycle 2 was double the Fibonacci extension of Cycle 1 at 4.0. Similarly, Cycle 3 was twice the Fibonacci extension of Cycle 2, at 6.0.
Applying this pattern to the current bitcoin/bitcoin-bull-run-2024-inevitable/” rel=”nofollow noopener” target=”_blank”>bitcoin Cycle 2024, the analyst suggested that Cycle 4 could also see a double rally, to potentially reach an 8.0 Fibonacci extension. This projection, although inherently speculative, would see bitcoin/bitcoin-touch-300000-analyst/” rel=”nofollow noopener” target=”_blank”>btc price rises to $300,000.
TradingShot revealed that its projections were undeniably technical considering the precise measurements made from the previous high-to-low cycles from the time bitcoin touched the MA. It revealed that every time the average MM was marginally surpassed, the rebound that followed was impressive and strong.
btc price in a downward trend
Despite TradingShot's optimistic outlook on bitcoin's future price, the cryptocurrency has been in a great btc/bitcoin-price-grinds-lower-62k/” rel=”nofollow noopener” target=”_blank”>downward trajectory recently. The cryptocurrency is down approximately 11.16% over the past month.
As a result, crypto analyst, michael van de poppehe was pessimistic x.com/cryptomichnl/status/1784859682168815930?s=46″ rel=”nofollow” target=”_blank”>projection for bitcoin, expecting more devastating falls for the pioneering cryptocurrency. Poppe revealed that the bitcoin–crypto-fed-rate-move/” rel=”nofollow noopener” target=”_blank”>Federal Open Market Committee (FOMC) The meeting on Wednesday, May 1, was likely to cast a significant shadow on market dynamics, causing market participants to reevaluate their positions.
He revealed that investors could be adjusting their portfolios ahead of the meeting in the hope that the FOMC will signal an upcoming rate cut.
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btc bears pull price down below $63,000 | Source: BTCUSD on Tradingview.com
Featured image from NewsBTC, chart from Tradingview.com