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Crypto analyst Trade shot had previously predicted that the Bitcoin price could rise as high as $150,000 in this bull run. As the flagship crypto approaches the $100,000 milestone, the analyst has charted Bitcoin’s current price action and provided insight into how the crypto could reach this $150,000 goal by 2025.
The current Bitcoin price action and the path to $150,000
In one TradeView postTradingShot stated that the Bitcoin price is now outside the Fibonacci range of 0.786 to 1.0, where it consolidated from March 2024 to October 2024. The analyst noted that the outbreak in October was largely due to the US presidential election and the euphoria that followed. Donald Trump won.
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TradingShot said the Bitcoin price is just a month out of this range and is already much higher. He noted that last month’s candle was similar to those of November 2020 and May 2017. Coincidentally, those were periods when the “most aggressive rallies of those bull cycles started.”
The crypto stated that the Bitcoin price had an angle of 71.5° between May and December 2017. In the 2021 cycle, Bitcoin was at a 68.5° angle (down 3°) between November 2020 and April 2021. If this were a trend, TradingShot noted that it is safe to assume that the 2024/2025 parabolic rally is at a 65.5° angle (-3° from the previous cycle).
In line with this, TradingShot said that this gives the 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 claimed that the Target of $150,000 is “very plausible” from a technical analysis perspective, as it is just below the top of a multi-year channel he has marked on the chart.
BTC’s next step is still unclear
Amid this bullish prediction for Bitcoin price, crypto analyst Kevin Capital has suggested that BTC’s move is still unclear. He stated that while Bitcoin has a lot of liquidity, with a downside of around $88,000, the real bulk of liquidity is still around $100,000 to $103,000. Based on this, the analyst suggested that it is best to sit back and see what comes next.
Meanwhile, crypto analyst Mikybull Crypto has suggested that the Bitcoin price may experience a cooling off period in the meantime. This came as he revealed that the sell signal has flashed on Bitcoin’s dominance for the first time since 2020. In line with this development, he declared it official altcoin season.
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Blockchain Center facts shows that it is indeed altcoin season. Over the past 90 days, 75% of the top 50 coins, as measured by market capitalization, have outperformed the Bitcoin price. With this being altcoin season, Bitcoin could be cooling off while altcoins record parabolic rallies.
At the time of writing, the Bitcoin price is trading around $95,600, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com