Bitcoin price
If Bitcoin Price Repeats Gold’s Bullish Pattern, BTC Could Hit $230K
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5 hours agoon
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adminIn the last two weeks, the Bitcoin price rallied from $58,680 to $67,415, registering a 14.5% growth. This upswing restores the Uptober sentiment in the crypto market and signals the BTC buyer’s attempt to end the 7-month consolidation. Amid renewed buying momentum, a crypto analyst predicted a BTC surge to $230k as its price action mimics Gold’s bullish pattern.
Bitcoin Price Shatters 7-Month Consolidation with Whale Influx
In a recent tweet, crypto analyst GertvanLagen revealed that Bitcoin’s price formed a cup and handle pattern similar to the S&P 500 index and Gold’s development before hitting their new high. The three charts showed a similar saucer-shaped recovery and a temporary pullback before triggering a massive rally.
Theoretically, the chart setup shows a clear transition from a downtrend to a sideways/accumulation trend followed by a recovery rally. Before entering a full-fledged recovery, the chart pattern offers a short correction for buyers to recuperate the bullish momentum.
In technical analysis, the target for a breakout is often determined by measuring the depth of the cup in the CNH pattern and applying that value to the expected breakout point. If the pattern holds true, Lagen shows a potential BTC price rally to a $230K high.
Cup & Handle cascade: $BTC poised to follow the structural path of SP500 & Gold, eyeing $230k.
Once all three hit their targets in the coming months, the HTF depression/recession takes hold. 🌀 #Bitcoin #Gold #SP500 #Crypto pic.twitter.com/oylBD7p1i6
— Gert van Lagen (@GertvanLagen) October 21, 2024
The aforementioned target closely aligns with the long-term prediction of several crypto experts, who believe BTC’s six-digit price is plausible.
Experts Forecast Six-digit BTC in 2025
According to crypto aggregator Coingecko, numerous analysts and industry experts forecast significant price increases for the leading cryptocurrency in the coming years.
- Through ARK Invest, Cathie Wood is one of the most bullish on Bitcoin. She forecasts a potential BTC price between $600,000 and $1,500,000 by 2030.
- Markus Thielen from Matrixport shows a conservative target of $125,000 by the end of 2024, while BitQuant trading and research firm shows a wide range for Bitcoin price prediction of $80,000 – $250,000.
- Gautam Chhugani from Bernstein shared a Bitcoin price forecast to target $150,000 in 2025, while Matiu Rudolph from Layer One X shows a potential target of $340,000.
- Mike McGlone of Bloomberg Intelligence forecasts Bitcoin to reach $100,000 by 2026.
BTC Price Forecast: Will $65K Support Hold or Break?
In a recent tweet, crypto analyst TraderXO highlights that the Bitcoin price is currently positioned near a key support level, with significant bids between the $65,000 and $66,000 range.
Following a recent reversal of $70,000, the BTC price is poised to retest the above-mentioned support to seek sustainability. If the sellers break this foothold, the coin price could plunge 7.5% to retest the monthly support at $62,500.
On the contrary note, a bullish breakout from the $70k region will accelerate the bullish momentum and drive the Bitcoin price target above $73,750 ATH.
Conclusion:
Bitcoin is at a crucial juncture as a potential breakout from the CNH pattern will drive a massive rally similar to Gold and the S&P 500 index.
Frequently Asked Questions (FAQs)
Based on the cup and handle (CNH) pattern, Bitcoin’s price could potentially rally to $230K, following a similar pattern seen in Gold and the S&P 500 before their major highs
Bitcoin is currently testing key support between $65,000 and $66,000, with $70,000 acting as significant resistance
Experts like Cathie Wood from ARK Invest predict Bitcoin could reach $600,000 to $1.5M by 2030. Other forecasts include Markus Thielen’s $125K target by 2024, Gautam Chhugani’s $150K estimate for 2025
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin price
Why Max Keiser Predicts Bitcoin Price Will Hit $220,000 Soon
Published
3 days agoon
October 19, 2024By
adminMax Keiser, a renowned Bitcoin maximalist, doubled down on his Bitcoin price bet with a recent bullish forecast posted to X (formerly Twitter). According to this prediction, Bitcoin will skyrocket to $220,000, and gold will play a crucial role in this move. This optimistic call from Keiser comes as BTC tagged the $69,000 level on Friday.
Max Keiser’s $220,000 Bitcoin Price Bet
Max Keiser’s love for BTC explains his optimism around his recent Bitcoin price prediction of $220,000. The recent tweet also considers gold’s influence on Bitcoin, which makes sens considering the high correlation between Bitcoin and gold.
The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.
— Max Keiser (@maxkeiser) October 18, 2024
He expects gold hitting a new all-time high of $2,722.54 per ounce as of October 19 could fuel the largest crypto asset’s rally as well. This optimism makes sense, considering Bitcoin’s ATH has historically preceded substantial rallies in gold.
This prediction is not Keiser’s first rodeo, he has been forecasting BTC’s future since 2013. In 2014, it was “Bitcoin will replace fiat currencies,” and during the 2017 bull run, Keiser expected BTC price to hit $5,000.
The year-to-date performance shows Bitcoin is up 61%. To make things more interesting, BTC has shot up by 40% in the past 75 days.
While the prediction is optimistic, BTC needs to rally more than triple from the current level of $69K to hit Keiser’s target. Will Bitcoin price hit $220,000?
Will Bitcoin Hit $220,000?
Here are three reasons why it is likely for Bitcoin price to hit $220,000 this cycle.
- Clear regulation surrounding Bitcoin: The regulation surrounding Bitcoin has become clear after BlackRock filed for ETF. Moreover, the US SEC also approved Bitcoin options on Friday, October 18, 2024. All of these developments only increase the adoption of BTC, making it fundamentally strong and ready to push higher.
- Favorable macroeconomic conditions: The US Federal Reserve’s dovish pivot, marked by interest rate cuts and cooling inflation only adds fuel to Keiser’s forecast. The shift in monetary policy from quantitative tightening to easing has a bullish effect on risk-on assets like Bitcoin. Although Keiser’s prediction may seem far-fetched, it does seem likely if the Fed continues on this path.
- Breakout from seven-month consolidation: The past seven months have seen BTC consolidate in a downtrending structure. But BTC’s recent uptick to $69,000 supports the resurgence of bulls and a potential start to the bull run.
Experts Echo Max Keiser’s Optimistic BTC Price Prediction
Here are some expert predictions that support Max Keiser’s forecast of Bitcoin reaching $200,000:
- Renowned trader Peter Brandt predicts Bitcoin will reach $120,000 to $200,000 by September 2025. He revised his forecast with a higher target after Bitcoin’s strong performance.
- Venture capitalist Chamath Palihapitiya forecasts that Bitcoin will hit $500,000 by October 2025 and $1 million by 2040-2042. He views Bitcoin as a potential global reserve currency with unique attributes.
- Fidelity’s Director of Global Macro, Jurrien Timmer, anticipates Bitcoin to hit $1 billion by 2038-2040.
As the cryptocurrency landscape evolves, Keiser’s $220,000 forecast will be closely watched. Will Bitcoin deliver another unprecedented surge or face rejection at $70,000? Only time will tell.
Frequently Asked Questions (FAQs)
Max Keiser predicts Bitcoin will skyrocket to $220,000, citing gold’s influence and favorable macroeconomic conditions.
Keiser expects gold to hit a new all-time high, fueling Bitcoin’s rally due to their high correlation.
Clear regulation, favorable macroeconomic conditions, and Bitcoin’s breakout from seven-month consolidation support Keiser’s forecast.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin price
Bitcoin Price As BlackRock CEO Expects BTC Market Cap to Hit $50 Trillion
Published
1 week agoon
October 15, 2024By
adminIn BlackRock’s third-quarter earnings call with analysts on Friday, CEO Larry Fink mentioned that Bitcoin (BTC) could be as big as the $50 trillion housing market. This forecast from the executive of the world’s largest asset manager is likely to have an impact on Bitcoin price.
Let’s explore how much BTC’s price could be worth if its market cap hits $50 trillion.
Bitcoin Price If BTC Hits $50 Trillion According to BlackRock CEO
Although Larry Fink did not mention that Bitcoin will be as big as the Housing Market, he implied it using the mortgage market as an analogy. Fink said that the mortgage market also started slow when BlackRock ventured into it. However, as the asset manager built better infrastructure, data, and analytics, the stalling market exploded. To end this, Fink added that digital assets like Bitcoin are also stalling in a similar fashion and could explode.
BTC’s current market cap is $1.3 trillion, and if it hits the same size as the US housing market, which is worth $50 trillion, Bitcoin’s price could explode.
A simple calculation shows that $50 trillion is 38.46 times more than the current market cap of Bitcoin. If such a valuation were to come true, the current BTC price of $65,000 needs to inflate to $2.5 million.
If the BlackRock CEO’s analogy comes to pass and BTC market cap explodes to $50 trillion then Bitcoin price would be worth $2.5 million.
Expert Analysts Forecast BTC Price Crash
Experts are suggesting that Bitcoin price is set to correct after a massive run up to $67,200 in the past week. This outlook is similar to CoinGape’s Monday article that showcased how Open Interest (OI) ceiling could trigger a correction for Bitcoin.
Popular analyst CredibleCrypto posted to his X that the last three local tops for Bitcoin displayed similar signs. At or around a potential top spot volume starts to decline while perpetual volume rises. This signal indicates that the spot holders are booking profits while futures volume is on an uptrend. This shows that futures traders are bullish, which can be seen in an increased OI and spike in perpetual volume.
In CredibleCrypto’s words, ”spot [investors are] selling off at these highs into supply while perps keep trying to long with extremely high OI buildup”
CredibleCrypto also added, ”I was very vocally bearish at both of those local tops because of the data that I shared below, and we are seeing the same data present itself once more.”
Regardless, the long-term Bitcoin price prediction hints at a bullish outlook with BTC potentially reaching the six-digit territory.
Frequently Asked Questions (FAQs)
Larry Fink predicted that Bitcoin’s market cap could potentially hit $50 trillion, comparable to the US housing market.What did BlackRock CEO Larry Fink predict about Bitcoin’s market cap? A: Larry Fink predicted that Bitcoin’s market cap could potentially hit $50 trillion, comparable to the US housing market.
According to calculations, if Bitcoin’s market cap reaches $50 trillion, its price could increase to approximately $2.5 million.
Yes, some experts, including CredibleCrypto, predict a short-term price correction for Bitcoin due to declining volume and rising open interest.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Is Bitcoin Price Crash To $50K Possible In The Next 30 Days?
Published
1 week agoon
October 15, 2024By
adminThe analyst further stated that he expects BTC to experience another interim bounce at around $60,000 before the Bitcoin price crash to $50,000. Meanwhile, CrediBULL Crypto expects a rejection soon, meaning a price correction from the $66,000 range could be imminent. In another X post, the analyst provided more insights into why he was still bearish.
He stated that the recent BTC rally was primarily driven by the perpetuals market, not the spot market. He highlighted the divergence between the perp and spot Cumulative Volume Delta (CVD) and how short liquidations helped fuel the move up.
CrediBULL Crypto added that the spot market has already begun selling off the spike while the open interest (OI) rises and perp CVD continues to climb without funding.
Basically, the analyst suggested that a Bitcoin crash is likely to happen after this rally since the price surge has pushed the flagship crypto into the local supply from the last breakdown. This means that many sellers are waiting to sell at this level, with such selling pressure likely to send BTC tumbling again.
Another crypto analyst, BTC Insider, shares a similar bearish sentiment as CrediBULL Crypto. He predicts that there will still be a price crash to $50,000. The analyst stated that he will still be looking to short the flagship crypto even if its price reaches between $68,000 and $70,000.
BTC Is At A Crucial Point
Crypto analyst Ali Martinez also suggested that the Bitcoin price is at a crucial point, stating that the flagship crypto is, for the fifth time in recent times, testing its 200-day moving average (MA). A rejection at this level would likely spark another price crash, although it remains to be seen if it would drop to $50,000 as CrediBULL Crypto predicts.
Martinez had earlier predicted that there could be a Bitcoin price crash to as low as $57,000 once the crypto rebounds to $66,000, as it has done. However, he isn’t as bearish as CrediBULL Crypto as he expects BTC to break out to a new all-time high (ATH) of $78,000 once it retests $57,000. For now, the analyst believes that Bitcoin would need to hold above $65,000 to confirm a bullish reversal.
This aligns with a CoinGape analysis, which noted that a weekly candlestick close above the $65,000 support level could propel a rally to $70,000.
Meanwhile, based on an analysis by trading firm QCP Capital, BTC is on the right path to hitting a new ATH. The firm noted that the crypto is following historical patterns. In 2016, BTC didn’t begin its rally until three before the US election and its price doubled by January 2017.
Something similar happened in 2020 as the Bitcoin price started rallying from $11,000 just three weeks before the US election, reaching a high of $42,000 by January the following year. As such, BTC could well be on its a way to a new ATH which it could reach by January next year.
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