Bitcoin Price Could Reach $321,000 in Current Market Cycle
Crypto analyst Tony Severino predicts Bitcoin could rise to $321,000 in the current market cycle, citing a bullish head and shoulders pattern. While acknowledging this target is high, he emphasizes it follows mathematical projections.
Key Predictions for Bitcoin
- Potential peak of $321,000 based on the head and shoulders pattern
- Higher estimate of $345,000 if BTC touches the upper boundary of an 8-year uptrend channel
- Minimum target of $158,000 based on inverse Fibonacci extension from the 2021 cycle
- Possible targets of $194,000 and $186,000 using different Fibonacci calculations
- Another potential peak at $191,000 based on a valid bull pattern
Short-Term Price Action
Analyst Ali Martinez identifies a key support level for Bitcoin at $97,877, where over 101,000 BTC were accumulated. Maintaining this level is vital for sustaining bullish momentum.
Martinez also notes that transactions over $100,000 have doubled recently, increasing from 15,620 to 32,320.
Currently, Bitcoin trades around $104,300, down nearly 1% in the past 24 hours according to CoinMarketCap.
