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Crypto analyst Tony Severino says so Bitcoin price approaching the strongest part of the bull run. Based on his analysis, Tony provided insights on how high the top crypto could go as it nears its peak in this market cycle.
Bitcoin Price Target for Strongest Part of Bull Run
Tony revealed in the X post that the price of Bitcoin could reach a market high of $133,000 in this bull run. He explained that BTC 2-month Relative Strength Index (RSI) it is approaching 70, which has built the strongest part of all previous bull runs. In 2012, this led to an 11,000% price increase. Meanwhile, it led to price rallies of 2,700% and 437% in the 2016 and 2020 bull run, respectively.
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The analyst noted that each high in successive bull runs has been about 20% of the previous cycle’s high. So, 20% of the 437% rally recorded at 2021 bull run will set the price of Bitcoin at this price target of $133,000. A possible rise to this target could give those who buy BTC at its current price level a return of around 87%.
Crypto analyst Ali Martinez also suggested buying the Bitcoin price as this level may not be a late entry. In the X post, he explained that the ratio of Market Value To Realized Value (MVRV) crossed the 365-SMA (Simple Moving Average), a development that usually marks large bull rallies. He added that this golden cross it just happened again.
The accompanying chart from the analyst showed that the value of Bitcoin increased by 236% during the last time this happened. Therefore, this shows that despite the recent rally above $ 73,000, there is still much against the crypto flagship in this market cycle.
BTC could rise to $462,000
Ali Martinez gave a better idea of ​​the price of Bitcoin than Tony about how high the flagship crypto can go this bull is running. In X’s post, he noted that BTC reached highs between the 1.618 and 2.272 Fibonacci retracement levels in previous bull cycles.
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If the price of Bitcoin were to follow the same pattern, Martinez noted that the next high BTC could come between $174,000 and $462,000. Predictions of what could mark the top of Bitcoin in this market cycle continue to vary, although the consensus remains that the flagship crypto will be. raised more than $100,000.
Experts such as Standard Chartered even predicted that the price of Bitcoin could rise above this target of $100,000 this year if Donald Trump wins the US presidential election.
At the time of writing, the price of Bitcoin is trading around $72,300, up about 2% in the last 24 hours according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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