Bitcoin Price Mirrors 2023 Movements, Analysts Predict Surge to $200,000
Crypto analyst Trader Tardigrade highlights that Bitcoin's price movements are reflecting trends seen in 2023. The analyst noted that Bitcoin has recently completed a pullback, predicting a surge above $100,000 followed by consolidation at that level.
Bitcoin Price Predictions
Trader Tardigrade forecasts Bitcoin reaching $200,000 by early 2025, with the rally expected to mirror past performance from December when it peaked at an all-time high of $73,000 in March. Other analysts, including Bernstein and Geoffrey Kendrick from Standard Chartered, share similar predictions for this price target by late 2025, labeling it conservative.
Conversely, analyst Tony Severino expresses skepticism about hitting $200,000 in this cycle, suggesting a more realistic peak between $160,000 based on market ratios.
Market Analysis
Analyst Ali Martinez states that Bitcoin is still "far away" from reaching a market top, referencing the market value to realized value (MVRV) indicator which suggests Bitcoin remains undervalued.
Despite recent price corrections following significant market activity, Martinez advises considering this as a buying opportunity. He notes buy signals from the TD Sequential on the hourly chart and bullish divergence in the Relative Strength Index (RSI), potentially leading Bitcoin to rebound to between $95,000 and $96,000.
As of now, Bitcoin trades around $93,400, experiencing a decline over the last 24 hours according to data from CoinMarketCap.
