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Based on historical trend patterns, a crypto analyst has predicted that Bitcoin could reach a staggering peak of $400,000. This ambitious price target would require Bitcoin to rise more than six times its current price, marking a historic milestone as the cryptocurrency’s market cap would surpass $7 trillion.
Bitcoin Power Law points to an increase of $400,000
The price dynamics of Bitcoin have hinted at a potential bullish wave as the cryptocurrency has steadily maintained a price above crucial resistance levels around $60,000. According to Crypto analyst Ali Martinez, the broader crypto market sentiment shifted again to “Greed” after Bitcoin’s recent price surge to $64,750.
Datum Bitcoin market movementsMartinez has maintained an optimistic outlook for the cryptocurrency. He revealed in a recent X (formerly Twitter) after that the price of Bitcoin could potentially skyrocket to $400,000 if the Bitcoin power law were true.
The Bitcoin power law is a mathematical relationship between Bitcoin’s price and time. This law predicts that the price of Bitcoin will rise to $100,000 between 2021 and 2028, with the certainty that the value of the cryptocurrency will never fall below $100,000 in 2028. Moreover, the law also predicts that the price of Bitcoin will reach $1 million per coin sometime between 2018 and 2037, establishing that the price will never fall below $1 million after 2037.
In his post, Martinez revealed that his projected $400,000 price jump would be the deciding factor cryptocurrency’s next market topsurpassing the current March high of above $73,000 by about 440%. He based this on ambition price projection not only on Bitcoin’s long-term power law, but also on historical market trends.
Martinez presented a historical price chart of Bitcoin dating back to 2011, predicting that the timeline for this projected $400,000 price increase could occur in 2025. The analyst also identified three crucial price levels for Bitcoin: $392,532 price level as resistance level, with support identified at $37,146 and linear regression equates to $104,693.
While a few crypto members to see Martinez’s $400,000 Bitcoin projection in a positive light, others have also remained skeptical to doubt the possibility of such a dramatic wave or suggestive that a price increase between $160,000 and $200,000 was a more realistic goal.
BTC is leaving behind bearish trends
The price of Bitcoin is at one steady upward movement the past few weeks. According to data from CoinMarketCap, Bitcoin rose above $64,000 this week, marking a 2.88% price increase.
Given the recent price increases of the cryptocurrency, crypto analyst Jelle has done so declared that Bitcoin’s market structure is inches away from a bearish trend become bullish. He revealed that the pioneer cryptocurrency is already locked into two higher lows and is also close to hitting a higher high.
As a result of these developments, Jelle has predicted that the Price point of $65,000 was an important resistance level to break, indicating a potential rally to new highs then.
Featured image created with Dall.E, chart from Tradingview.com
