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Analyst Tony Severino has revealed that the Bitcoin price currently has a ceiling of $137,000. This has raised questions about whether this is the highest point the flagship crypto can reach in this market cycle, and the analyst has also provided some answers.
The Bitcoin price ceiling is $137,000
Tony Severino mentioned in an X-post that the current ceiling for the Bitcoin price is $137,000, while the floor is around $39,000. He noted that investors could double their investments compared to Bitcoin’s current price if the crypto were to achieve this goal. In the meantime, a decline to the current floor means a decrease of 50%.
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When asked if the $137,000 was targeted the bull topthe analyst responded that his target was between $160,000 and $180,000. He noted that $137,000 is just the ceiling for this month and will increase as time goes on. As such, its market target of $180,000 could become more achievable in the coming months.
While it remains to be seen whether Bitcoin price could reach this $137,000 ceiling or even the $180,000 bull top target, it is almost certain that the flagship crypto will never fall to the $39,000 bottom again. This is based on historical trends showing that Bitcoin never drops below pre-election levels again after this US presidential election have concluded.
Therefore, the next leg of the bull run has likely begun, and the flagship crypto will likely continue to reach new highs in the coming months. In one X messagecrypto analyst Jelle revealed that Bitcoin price has resumed its uptrend after seven months of sideways action. He added that it won’t be long before the bearish wedge pattern on the Bitcoin chart sees a rise towards $100,000, the potential target.
The most bullish backdrop for Bitcoin right now
Crypto analyst CrediBULL, who was previously bearish, said this could be the most bullish backdrop for Bitcoin now that the election is over. Donald Trump’s victory. He added that if these are the fundamental factors driving the market, the Bitcoin price is unlikely to fall to $68,000 again.
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He also suggested that this could be the perfect time to turn bullish on the Bitcoin price up to $100,000 might have started. However, he warned that any breach of the $68,700 level would “dramatically” weaken the bullish case and further strengthen the bear case.
Analyst Justin Bennett also commented on Bitcoin’s potential price increase to $100,000. He said if risk assets can survive today’s Fed FOMC meeting, this could be the move to $100,000 that everyone has been waiting for.
At the time of writing, the Bitcoin price is trading around $74,800, up in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com