It has been just revealed the fact that Bitcoin could soon be hitting $200k. Check out the latest reports about the most important digital asset out there.
Bitcoin could soar to $200k
According to a trader who accurately predicted the crypto market correction in May 2021, Bitcoin’s market structure is looking positive for potentially reaching $200,000.
Dave the Wave, a trader and analyst with 143,000 followers on the social media platform X, explained that Bitcoin’s monthly MACD indicator is showing strong bullish momentum for BTC.
The MACD is a commonly used tool to identify trend reversals and confirm trends.
“Another histogram on the BTC monthly MACD printed.
How many are expecting something like this?”
Dave the Wave, the trader who uses his own version of logarithmic growth channels (LGCs) to project Bitcoin’s long-term market cycles, predicts that BTC will rally above $200,000 by December 2025.
However, with Bitcoin looking bullish, Dave the Wave notes that most people expecting it to happen could be problematic from a contrarian perspective.
The technical basis looks fine, but too much consensus on BTC could open up the possibility of it hitting his upside target way sooner than he initially projected. He thinks it might be front-run by a year.
Bitcoin has been in the “buy zone” of the LGC for almost a year and a half, but it looks close to breaking out, according to the analyst.
“BTC price in the LGC buy zone now for nearly one and a half years, 17 months. How many more months I wonder…
Shaded zone on the chart since 2018.”
In other recent news, a well-known crypto analyst predicts that Bitcoin (BTC) will reach the $40,000 threshold imminently.
The Flow Horse, a pseudonymous trader with 188,600 followers on X social media platform, is bullish on Bitcoin and believes that there is no good reason for anyone to sell BTC in the current situation.
The trader anticipates that Bitcoin will continue to rise in value leading up to the potential approval of a spot market Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) on January 10, 2024.
