The crypto market looks great today with the most important coins trading in the green. Check out the latest reports about the price of the king coin below.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $21,780.
New Bitcoin prediction is out
A popular crypto strategist and trader doesn’t expect Bitcoin (BTC) to reach new all-time highs for possibly another two years.
Pseudonymous trader Kaleo said that Bitcoin will trade in a sideways range, also known as being in a crab market. This will happen before exploding to a new all-time high possibly after the early-2024 halving.
According to Kaleo, the king coin is likely to range between $16,000 and $30,000 for the next five months before breaking out upwards.
“Most likely path from here is seeing a base range between $16,000 – $30,000 established, that eventually resolves around December when price finally breaks above high time-frame diagonal resistance.”
The analyst continued and said:
“Expecting a few months of rapid, overhyped growth in early 2023 which does not result in a new all-time high. Capping out somewhere in the $50,000 makes more sense, but this growth should have an associated mini altcoin season.”
It’s also worth noting the fact that the next 18 months or so through the next halving in March of 2024 defined by a crab market staying above high time-frame logarithmic support.
Another crypto analyst is comparing Bitcoin’s price action to one traditional stock to predict what’s next for BTC after a rocky last two months.
In a new strategy session, the anonymous host of InvestAnswers highlights automaker Tesla and discusses the significance of mean reversion, a metric that posits an asset’s price will eventually return to its long-term average.
“Let’s look at the pair. This is the Tesla-divided-by-Bitcoin pair, and you can see the price now is about 0.036. We are back at late 2020 levels. It’s like a big huge U.”