Analyst declares Bitcoin price will hit $200,000 before it can go below $90,000 again
Analyst shows strong bullish convictions
Expects a steady recovery to the previous ATH before it can hit new ATH prices.
The price of Bitcoin is once again trading closer to the $100,000 price range, as bullish analysts grow tense. While some analysts expect a major price dip to the $66,000 price range for BTC, triggering a bear market, one analyst declares Bitcoin price will hit $200,000 before it can go below $90,000 again. This means the price of BTC can dip to 5-digit prices, but not lower than $90,000.
Analyst Declares Bitcoin Price Will Hit $200,000
According to CoinMarketCap analytics, the price of Bitcoin (BTC) is currently trading at the $103,500 price range, showing that the pioneer crypto asset is down by almost 1.6% in the last 24 hours. Presently, the asset is boasting a total market cap of $2,064,713,941,654.98 and a 24-hour trading volume of $60,353,359,658.64. Bitcoin will need to see a pump of almost 18% to reclaim and set a new ATH again
Presently, the low sideways price movement of the pioneer crypto asset, Bitcoin (BTC), has led to growing bearish concerns among the crypto community. Already, several reputed crypto analysts were calling for the price of BTC to hit much lower prices between $55,000 to $66,000 and trigger a bear market. This analysis came from the counting of the 4-year bull cycle. According to many seasoned analysts, the 4-year bull cycle is complete
In contrast, other analysts say that the 4-year bull cycle is no longer in play and that financial institutional adoption has rendered this old blueprint obsolete. This could mean that a new cycle could be forming, one that could lead crypto assets into a year-long bull cycle, like stocks. This would lead to yearly new ATH prices for Bitcoin, and perhaps even for many promising altcoins
BTC Can Visit 5-Digit Prices Without Falling Below $90,000
At the moment, only a handful of analysts remain bullish. Recently, the price of BTC dipped below the $100,000 price range, sending the price of BTC to a 5-digit price target. Despite the dip, the price of BTC recovered to 6-digit prices, and now, one analyst expects another similar dip that will take BTC as low as $95,000. He also confirms that lower dips will not occur and declares that the price of BTC will rather see $200,000 before it sees $90,000 again
As we can see from the post above, the analyst confirms that BTC will hit $200,000 before going below $90,000 again. He states that Bitcoin is in a relatively local rising wedge that is technically a bearish pattern. However, pushes to the upside are very common, and his base case is that BTC will recover to the following targets - $95,000, $126,000, and then finally to new ATH targets from $200,000 and above.
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