Widespread crypto analyst and dealer Benjamin Cowen says that one astronomical worth goal stays in play for Bitcoin (BTC) this cycle.
In a brand new interview with Kyle Chasse on his YouTube channel, Cowen says that Bitcoin might surge to as excessive as $200,000 if the flagship crypto asset is presently in a right-translated cycle – or a market cycle the place costs are inclined to peak later fairly than earlier.
“I’d say that it’s potential if we get a proper translated cycle that from the underside Bitcoin may go up about 10x or one thing, which might in all probability put it round $150,000. So I’d say, in a proper translated cycle my guess is that it could be anyplace from like $120,000 to love $150,000. It’s potential within the excellent situation that it may go all the best way as much as $200,000. I don’t suppose Bitcoin will hit $300,000 this cycle. I do suppose Bitcoin will finally hit $300,000, however I don’t suppose it is going to be this cycle.”
He says that Bitcoin wants to carry the 2024 excessive of about $72,000 on the weekly chart to stay on observe to hit contemporary all-time highs this cycle.
“Something is feasible. And I would definitely be extra optimistic if we are able to definitively maintain that 2024 excessive [around $72,000 on the weekly chart] and begin to transfer again up. I’d positively change into extra optimistic afterward this yr. That’s my fundamental concern proper now, is, if there’s one other pullback, can we maintain it? The excellent news is we’ve held it up to now, and we really technically we haven’t even examined it. So the excellent news is that if there’s one other drop, you in all probability would have some bulls attempt to maintain the road at these ranges as a result of we haven’t even examined these ranges but.”
Bitcoin is buying and selling for $84,483 at time of writing, flat on the day.
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