Bitcoin Price At $245,000? Here’s When You Should Be Expecting It
taking into account Bitcoin’s Steady Bullish Momentum After Donald Trump won the US presidential election, one cryptocurrency analyst believes that continuation of this upward trend could lead to Bitcoin prices reaching $245,000 this cycle. The analyst provided a timeline for this major price increase using logarithmic chart patterns and historical data to support his view. optimistic forecast.
When Bitcoin Price Hits $245,000
TradingView cryptocurrency analyst Behdark posted Report Provides a technical overview of recent Bitcoin price trends as well as Potential future trends. This detailed analysis is based on a two-week (2W) time frame on a chart that presents complete data on: Bitcoin Price Trend.
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Looking at the Bitcoin chart, Behdark highlighted that the pioneer cryptocurrency is moving within a valid price channel, whose midline and resistance trend lines are drawn from the previous highs. These trend lines indicate potential price target By 2025, it will reach $245,000 to $250,000.
The analyst admitted that he previously set a mid- to long-term price target of $169,000 for Bitcoin, but has revised his forecast to $245,000. At the time of writing, Bitcoin is trading at $95,107, down a modest 2.18% in the past 24 hours. If the cryptocurrency price rises to $245,000, the price will increase by a massive 157% from the current value.
Bedak’s Optimistic predictions for Bitcoin Based on the analysis of logarithmic charts and price channels, this is particularly useful when analyzing cryptocurrencies. These charts help determine sustainable development market trends For cryptocurrencies in the medium to long term.
Looking ahead, analysts reveal that Bitcoin has successfully broken through and exceeds critical resistance level Between $77,000 and $78,000, indicating Changes in market sentiment. The previous resistance range has now transformed into a price floor, which will act as support for Bitcoin.
if Bitcoin price dropsBehdark revealed that the cryptocurrency may retest resistance levels on this breakout. Additionally, Bitcoin’s price action also shows Chicago Mercantile Exchange (CME) Gap Around $77,000, if filled, could bolster bullish sentiment and reactivate Bitcoin’s upward momentum.
How Trump’s Presidency Affects Cryptocurrency Markets
Behdark also noted in his Bitcoin price analysis Trump’s Presidency could have a significant impact on Bitcoin’s future trajectory. The analyst pointed out Trump’s support for cryptocurrencies His upcoming four-year presidential term may have a favorable impact on the cryptocurrency market.
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Behdak thinks favorable political conditions It may boost the adoption of cryptocurrencies and significantly trigger a sharp increase in the market capitalization of digital assets such as Bitcoin. He further said that there will be considerable profits during the bull market, but investors should pay attention to risk management and remain patient.
Featured image created using Dall.E, chart from Tradingview.com
