Crypto analyst Minga has predicted that the Bitcoin price could soar past $120,000 to a new all-time high (ATH) of $190,000 in the coming years. bull cycle. The analyst also indicated that now is a good time to buy as BTC approaches a low.
Analyst Gives Buy Signal As Bitcoin Price Nears Bottom
In one X messageMinga said that the Bitcoin price is a macro soil and that this is the phase of the cycle where every dip becomes an opportunity to buy and accumulate long-term holdings. The analyst believed that BTC could at least tap into the $58,900 to $54,500 region this cycle, and that this area has been a point of interest (POI) for spot buying.
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Minga revealed that he still expects a possible drop to $37,000 the Bitcoin price in a maximum pain scenario. However, he noted that the idea behind spot buying is not to go all-in at once, but to gradually build positions. The analyst had also described a potential decline to $37,000 as a generational bottom, indicating this is an area where we need to go all-in in preparation for the next bull cycle.
Meanwhile, the analyst stated that he will view $194,742 as a potential area to start taking profits and offloading a significant portion of his spot positions. A potential rally to $194,742 would mark a new price all-time high (ATH) for the Bitcoin price, which surpasses the current ATH of $126,000.
Minga also noted that the plans to take profits at these levels are just a plan and that his final decision will be based on how the Bitcoin price behaves when it reaches these levels.
The strategic buying zone for BTC
In one X messagecrypto analyst Ali Martinez revealed two primary accumulation zones based on past historical resets of 40%-50% bear markets that occur after the crossover between the 50 and 200 Simple Moving Averages (SMAs). The first target is $40,000, which represents a default reset of 30% from current levels.
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The second accumulation target is $30,000, which represents a 50% decline from the current Bitcoin price level. Martinez stated that this setup historically aligns with the last major drawback before a generational macro bottom forms.
The analyst noted that BTC has already seen a 52% correction and is currently 30 days into the three-day SMA cross. As such, he noted that if history rhymes, BTC will likely enter the finals accumulation window of this cycle within the next three to six days.
At the time of writing, the Bitcoin price is trading around $66,400, down over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com