This article is also available in Spanish.
Analyst Tony Severino stated that the price of Bitcoin currently has a ceiling of $137,000. This has raised questions about whether this is the highest point that the flagship crypto can reach in this market cycle, and the analyst also gave some answers.
Bitcoin Price Ceiling Is $137,000
Tony Severino said in an X post that the current Bitcoin price ceiling is $137,000, and its bottom is $39,000. He noted that investors can double their investment from the current price of Bitcoin if the crypto reaches this target. Currently, going down the current floor represents a 50% decrease.
Related Reading
When asked if the $137,000 was intended the top of the bullthe analyst responded that his target was between $160,000 and $180,000. He indicated that the $137,000 is just a ceiling as of this month and will increase as time goes on. Therefore, his top market goal of $180,000 may become more feasible in the next few months.
While it remains to be seen whether the price of Bitcoin can reach the $137,000 or $180,000 bull top target, it is almost certain that the flagship crypto may not drop to the $39,000 floor again. This is based on historical trends that show that Bitcoin never falls below its pre-election level after The US presidential election they are in charge.
Therefore, the next leg of the bull run has probably begun, and the top crypto will probably continue to hit higher in the coming months. In an X postcrypto analyst Jelle revealed that the price of Bitcoin has started to rise again after seven months of sideways action. He added that it shouldn’t be long before the fall of the wedge pattern on the Bitcoin chart plays up to $100,000, a potential target.
The Most Powerful Bitcoin Site Right Now
Crypto analyst CrediBULL, who was conservative, said this could be the best base for Bitcoin, as the election is over again. Donald Trump’s victory. He added that if these are the fundamentals driving the market, then the price of Bitcoin will probably not drop to $68,000 again.
Related Reading
He also suggested that this could be an opportune time to be bullish on the price of Bitcoin as up to $100,000 it may have started. However, he warned that any breach of the $68,700 level would “significantly reduce” the bullish argument and strengthen the bear case further.
Commentator Justin Bennett and commented on Bitcoin’s potential price of $100,000. He said that if risk assets survive the Fed’s FOMC meeting today, this would move to $100,000 that everyone expects.
At the time of writing, the price of Bitcoin is trading around $74,800, up to 24 hours ago, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
Source link