Bitcoin Price Is Mirroring The Same Movements From 2023, Here’s What It Means
cryptocurrency analyst tardigrade merchant The community’s attention has been drawn to the fact that the Bitcoin price reflects the trend in 2023. The analyst provided further insight into what this means for the flagship cryptocurrency.
Bitcoin Price Reflects 2023 Trends
Trader Tardigrade said in an X post that Bitcoin prices are in line with 2023 trends. He further stated that the flagship cryptocurrency has just completed callback. The cryptocurrency analyst asserted that as the pullback completes, the price will surge above 100,000 points before consolidating around this level.
Interestingly, Trader Tardigrade also predicts that Bitcoin price will reach $200,000 by early 2025. The analyst’s accompanying chart shows that prices will rebound to that target in March 2025.
This parabolic rise to $200,000 is expected to mirror BTC’s similar rise from early December of that year, when the price rose to $200,000. All Time High (ATH) Revenue earlier this year in March was $73,000. At the same time, it’s worth mentioning that Trader Tardigrade is not the only one predicting that Bitcoin prices will reach this level during this market cycle.
Bernstein Analyst It had also previously predicted that the BTC price would reach $200,000 by the end of 2025, although they claimed this was a “conservative” target. Jeffrey Kendrick, head of research at Standard Chartered Bank, also predicted that Bitcoin could reach this price target, giving a similar timeline to analysts at Bernstein.
However, cryptocurrency analyst Tony Severino is skeptical that Bitcoin prices will reach $200,000 during this bull cycle. Instead, he made a more conservative prediction, stating that the flagship cryptocurrency may peak at some point $160,000 range. Analysts note that this is a more feasible target given that the golden ratio is within this range.
BTC is “still a long way” from the top of the market
In X post, crypto analyst Ali Martinez Asserting that Bitcoin price is still “far away” from the top of the market. He made this statement highlighting the Market Value to Realized Value (MVRV) metric, which shows whether an asset is overvalued or undervalued. This chart shows that Bitcoin has not yet reached its true value.
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Bitcoin price is currently facing a major price correction and has been rising steadily ever since donald trump’s victory. However, Martinez said this could be a good time to buy the dip. According to him, the TD sequence presents a buy signal on the hourly chart of Bitcoin, while the relative strength index (RSI) forms a bullish divergence. He added that this could help Bitcoin rebound to a range between $95,000 and $96,000.
As of this writing, Bitcoin is trading around $93,400, having fallen in the past 24 hours, according to the data data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
