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Cryptoanalyst Tony Severino has said that bitcoin-price-november-70000/” rel=”nofollow”>the price of bitcoin It is approaching the strongest part of the bull run. Based on his analysis, Tony provided insight into how high the flagship cryptocurrency could rise as it approaches its peak in this market cycle.
bitcoin price target for the strongest part of this bull run
Tony revealed in an x post that bitcoin price could reach a market high of $133,000 in this bull run. He explained that the 2-month btc Relative Strength Index (RSI) is approaching 70, which has ignited the strongest part of every past bull run. In 2012, this caused a price increase of 11,000%. Meanwhile, it caused a price rally of 2,700% and 437% in the 2016 and 2020 bull runs, respectively.
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The analyst noted that each peak in the successive bull market has been approximately 20% of the peak of the previous cycle. Therefore, 20% of the 437% rally recorded in the bitcoin-hashrate-rapid-climb-new-highs-bull-run/” rel=”nofollow”>running of the bulls 2021 will put the price of bitcoin at this price target of $133,000. A possible increase towards this target would give those buying btc at the current price level a return of around 87%.
crypto analyst Ali Martínez also suggested buying the bitcoin price as this level may not be a late entry. In a post by He added that this bitcoin-golden-cross-history/” rel=”nofollow”>golden cross It just happened again.
The analyst's accompanying chart showed that the price of bitcoin increased by 236% the last time this happened. Therefore, this indicates that despite the recent rally above $73,000, there is still plenty of upside for the flagship cryptocurrency in this market cycle.
btc could rise to $462,000
bitcoin-price-finds-support-at-65000-path-to-78000/” rel=”nofollow”>Ali Martinez provided a more bullish outlook for bitcoin price than Tony regarding how high the flagship cryptocurrency could rise in bitcoin-bull-market-glassnode/” rel=”nofollow”>this lockdown. In a post by x, he noted that btc peaked between the 1.618 and 2.272 Fibonacci retracement levels in previous bull cycles.
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If the price of bitcoin followed a similar pattern, Martínez commented that btc's next high could be between $174,000 and $462,000. Predictions about what could mark the top for bitcoin in this market cycle continue to differ, although consensus persists that the flagship cryptocurrency bitcoin-could-hit-150000-veteran-trader/” rel=”nofollow”>rise above $100,000.
Experts such as Standard Chartered have even predicted that the price of bitcoin could surpass this $100,000 target this year if Donald Trump wins the US presidential election.
At the time of writing, bitcoin price is trading at around $72,300, up almost 2% in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
