The price of Bitcoin is gradually surpassing the $70,000 threshold, demonstrating consistent upward movement despite the negative influence from the US stock market. Observing Bitcoin’s recent fluctuations, a cryptocurrency analyst has indicated that the leading digital asset might be preparing for a significant upward wave which could elevate its value by more than 70%, exceeding the $100,000 landmark.
Projected Price Levels for Bitcoin According to Analysts
Renowned crypto analyst, Javon Marks indicated in an X (previously Twitter) post on Thursday that Bitcoin’s recent market activity is indicative of an upcoming bullish rally. The analyst noted that Bitcoin’s current market dynamics mirror those from previous trends and cycles.
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Marks shared an informative chart illustrating Bitcoin’s price movements throughout 2023. The analyst highlighted that the Bitcoin price formed a Hidden Bull Divergence pattern earlier in the year, extending from February to November. Likewise, the cryptocurrency appears to be establishing another Hidden Bullish Divergence pattern, starting at the beginning of the year and seemingly stretching into year-end.
According to these comparable price trends, Marks posits that Bitcoin is on the brink of a substantial rally to unprecedented highs shortly. The analyst estimates that Bitcoin’s next target stands at 70% above its current valuation, with a potential peak of $116,652, as it undergoes one of the most powerful bull waves ever recorded.
From Mark’s X posting, it is evident that the analyst has repeatedly anticipated the $116,600 price target for Bitcoin. His initial Bitcoin forecast of this record high was made on September 12, asserting that Bitcoin’s ascent to over $116,600 was still 100% achievable.
Mark’s steadfast assurance in this price target reflects a strong belief that Bitcoin is set to attain a new ATH in this cycle. Currently, Bitcoin’s price is trading at $67,601, reflecting a 1.31% surge in the past 24 hours and a 5.86% increase over the last month, as reported by CoinMarketCap.
Bitcoin Price Could Exceed $116,000
Another prominent crypto analyst known as ‘Yoddha’ on X has illustrated a Bitcoin price chart showcasing its upcoming bullish price objective. With a tagline stating: “When in doubt, zoom out,” the analyst has conveyed his confidence that Bitcoin is poised for a substantial surge this season.
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In the aforementioned chart, the analyst identified a bullish target for Bitcoin, suggesting that the cryptocurrency could see its value soar between $130,000 and $170,000. This anticipated price increase is predicted to take place around 2025 as the bull market gains momentum.
On the other hand, Elja, a market specialist on X, has forecasted a more cautious price assessment for Bitcoin, projecting the cryptocurrency to rise to a new ATH of around $94,000. However, this analyst anticipates that this significant price surge will commence in October.
Featured image created with Dall.E, chart from Tradingview.com
