Tony Severino, a crypto analyst has stated that the Bitcoin price It is getting closer to the peak of this bull run. Tony’s analysis provided insight into the potential rise of flagship cryptocurrency as this market cycle nears its peak.
Bitcoin price target for the strongest part of this bull run
Tony stated in an X-post that Bitcoin’s price may reach a peak of $133,000 if this bull runs continues. He said that the BTC two-month Relative Strength Index (RSI) The price is nearing 70. This has sparked the most explosive part of each bull run in history. This led to an 11,000% price increase in 2012. This led to price increases of 2,700% in 2016 and 437 % in 2020.
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Analyst noted that the bull runs have peaks which are roughly 20 percent of previous cycles. The analyst noted that 20% of the 437.7% rise recorded during the 2021 bull run Bitcoin will reach this price of $133,000 in the near future. This price rise would result in a possible return to around 87% for those purchasing BTC now.
Ali Martinez, a crypto analyst, also recommended buying Bitcoin at this price level as it may not be too late to enter the market. In a post on X, he said that Market Value to Realized Value ratio (MVRV), has crossed above its 365 Simple Moving Average (SMA), an event that usually signals major bull rally. He said that this golden cross This just happened.
According to the chart provided by the analyst, Bitcoin’s price has increased 236 percent since the last time it happened. The chart shows that the price of the crypto’s flagship is still up for grabs despite its recent rise above $73,000.
BTC could rise to $462,000
Ali Martinez Tony’s outlook on the Bitcoin price was bullish, but he did not provide a similar forecast for how high this flagship cryptocurrency could rise. this bull run. In a post on X, he stated that BTC peaked in previous bull cycles between the Fibonacci Retracement Levels of 1.618 and 2.272.
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Martinez stated that, if Bitcoin were to continue following a pattern similar to this one, it could reach a high between $174,000-$462,000. The predictions on when Bitcoin will reach its peak in the current market cycle are still varying, but the consensus is that it would be between $174,000 and $462,000. rise above $100,000.
Standard Chartered has even forecast that Bitcoin prices could exceed this $100,000 goal this year if Donald Trump won the US Presidential elections.
Bitcoin’s price at the moment is around $72,300. It has risen almost 2% within the last 24 hour, according to data CoinMarketCap.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
