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Cryptographic analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-to-300000-crypto-pundit/” rel=”nofollow”>TradingShot He had previously predicted that the price of bitcoin could rise to $150,000 in this bull run. With the flagship cryptocurrency now close to the $100,000 milestone, the analyst has charted bitcoin's current price action and provided insight into how the cryptocurrency could reach this $150,000 target by 2025.
Current bitcoin Price Action and the Path to $150,000
in a <a target="_blank" href="https://www.tradingview.com/chart/BTCUSD/XF7Ou3Ir-bitcoin-150k-doesn-t-seem-so-unrealistic-now-does-it/”>CommerceSee publicationTradingShot stated that bitcoin price is now outside the 0.786 to 1.0 Fibonacci range, where it consolidated from March 2024 to October 2024. The analyst noted that the breakout in October was largely due to the presidential election. of the US and the subsequent euphoria. Donald Trump won.
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TradingShot said that the price of bitcoin is only a month outside this range and is already much higher. He noted that last month's candle was similar to that of November 2020 and May 2017. Coincidentally, those periods were when “more <a target="_blank" href="https://bitcoinist.com/even-in-a-parabolic-bull-run-bitcoin-can-see-30-pullbacks-top-analyst/” rel=”nofollow”>aggressive rallies of those bullish cycles began.”
The cryptocurrency indicated that the price of bitcoin was at an angle of 71.5° between May and December 2017. In the 2021 cycle, bitcoin was at an angle of 68.5° (minus 3°) between November 2020 and April 2021. If this turns out to be a trend, TradingShot commented that it is safe to assume that the 2024/2025 parabolic rally could have an angle of 65.5°. (-3° compared to the previous cycle).
In line with this, TradingShot said that this gives bitcoin price a potential target of $300,000 as early as May 2025 if the crypto records a double top cycle like in 2021. Meanwhile, the crypto analyst stated that the $150,000 goal is “very plausible” from a technical analysis perspective as it is just below the top of a multi-year channel that was highlighted on the chart.
btc's next move still unclear
Amid this bullish prediction for the price of bitcoin, crypto analyst Kevin Capital has suggested that the movement of btc is still unclear. He stated that while bitcoin has a lot of liquidity on the downside, around $88,000, the majority of the actual liquidity is still in the range of $100,000 to $103,000. Based on this, the analyst stated that it Better to sit back and watch what comes next.
Meanwhile, crypto analyst Mikybull crypto has suggested that bitcoin price may experience a cooling period in the meantime. This came as he revealed that the sell signal appeared on the bitcoin domain for the first time since 2020. In line with this development, he stated that it is officially <a target="_blank" href="https://bitcoinist.com/altcoin-boom-forecasted-bitcoin-at-130000/” rel=”nofollow”>altcoin season.
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Blockchain Center data shows that it is indeed altcoin season. In the last 90 days, 75% of the top 50 coins by market capitalization have surpassed the price of bitcoin. Since this is altcoin season, bitcoin could cool down as altcoins post parabolic rallies.
At the time of writing, bitcoin price is trading at around $95,600, 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
