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Cryptographic analyst Tardigrade Trader has drawn the community's attention to the fact that bitcoin's price reflects the movements of 2023. The analyst further provided information on what this means for the flagship cryptocurrency.
bitcoin price reflects 2023 movements
In a post on the recoil. Once the pullback is complete, the crypto analyst stated that there will be a rise above 100,000, followed by consolidation around that level.
Interestingly, Trader Tardigrade also predicted that the price of bitcoin would reach $200,000 in early 2025. The analyst's accompanying chart showed that this price rally to this target will occur in March 2025.
This parabolic rally to $200,000 is expected to mirror a similar rally that btc enjoyed since early December of that year when it rose to the previous level. <a target="_blank" href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>all-time high (ATH) of $73,000 in March earlier this year. Meanwhile, it is worth mentioning that Trader Tardigrade is not the only one who has predicted that bitcoin price may reach this level in this market cycle.
<a target="_blank" href="https://bitcoinist.com/bitcoin-to-200000-by-2025-end-is-conservative-target-analyst-predicts/” rel=”nofollow”>Bernstein Analysts They also previously predicted that the btc price would reach $200,000 by the end of 2025, although they stated that this was a “conservative” target. Geoffrey Kendrick, head of research at Standard Chartered, also predicted that bitcoin could reach this price target and gave a similar timeline to Bernstein analysts.
However, crypto analyst Tony Severino is skeptical that the price of bitcoin can reach $200,000 in this bull cycle. Instead, he has made a more conservative prediction, stating that the flagship cryptocurrency will likely peak at some point this year. $160,000 range. The analyst noted that this was a more feasible goal, considering that the golden ratio is in this range.
btc is “far” from the top of the market
In a post x, crypto analyst Ali Martinez He stated that the btc price is still “far away” from a market high. He made this statement while highlighting the market value to realized value (MVRV) indicator, which shows whether the asset is overvalued or undervalued. The chart showed that bitcoin has yet to reach its real value.
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bitcoin price is currently facing a major price correction as it has been rising non-stop since <a target="_blank" href="https://bitcoinist.com/donald-trump-wins-the-u-s-presidential-race-crypto-markets-explode-overnight/” rel=”nofollow”>Donald Trump's victory. However, Martínez suggested that this could be a good time to buy this dip. According to him, the TD Sequential presents a buy signal on the hourly chart of bitcoin, while a bullish divergence is formed against the Relative Strength Index (RSI). He added that this could help bitcoin recover to between $95,000 and $96,000.
At the time of writing, bitcoin price is trading at around $93,400, a drop in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com