Bitcoin is currently trading between $58,000 and $60,500, leaving many analysts speculating about its potential peak in this bull run. A well-known crypto analyst has made an optimistic prediction for Bitcoin’s future, expressing strong confidence in its potential growth.
Bitcoin Could Reach $190,000
In a recent post on X (formerly Twitter), cryptocurrency analyst and trader Lark Davis shared his bold prediction that Bitcoin could reach $190,000 during the next major market surge. Davis, known for his insightful analysis of the crypto market, based his prediction on a Rainbow pattern formation observed on Bitcoin’s chart, which is often seen as a bullish sign.
The Bitcoin Rainbow Chart is a tool used to assess whether Bitcoin is overvalued, fairly valued, or undervalued by looking at historical price trends. It represents Bitcoin’s long-term price movements on a logarithmic scale.
According to Davis, Bitcoin is currently in the accumulation zone, a stage that in previous cycles has led to significant rallies, culminating in the FOMO zone.
Should this pattern repeat in the current bull cycle, Davis anticipates that Bitcoin could reach a new all-time high, potentially between $150,000 and $190,000 in the coming months.
Although this prediction is significantly higher than Bitcoin’s current price, it reflects the growing optimism about Bitcoin’s future potential as investors prepare for the next major rally.
Davis’ forecast aligns with that of another crypto expert, Sensei, who also observed the Rainbow pattern and set his base price target at $150,000. Sensei stated, ” $150,000 is the minimum for this cycle,” underscoring the significance of the chart pattern.
Read more: Shiba Inu Experiences a 240% Surge in This Significant Indicator
BTC Could Rebound to $72,000 This Month
While Sensei’s long-term prediction sees Bitcoin reaching $150,000, he has set a short-term target of $72,000, suggesting a significant recovery from the recent bearish trend caused by a broader market crash last Monday.
In the wake of this downturn, some analysts have predicted further declines to $53,000 and $49,000. However, Sensei disagrees, forecasting that Bitcoin will rebound to $72,000 before the end of August.
These predictions reflect a strong belief in Bitcoin’s potential for significant growth in the coming months, with experts expecting a substantial market rally that could propel Bitcoin to unprecedented heights.
Cre: Bitcoinlist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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