Analyst Sets Bitcoin Price Ceiling at $137,000 with Potential for Higher
Analyst Tony Severino has established a Bitcoin price ceiling of $137,000, prompting discussions about its potential peak in the current market cycle.
Bitcoin Price Ceiling at $137,000
Severino indicated on X that the Bitcoin price ceiling stands at $137,000, with a floor around $39,000. Investors could potentially double their investments if Bitcoin reaches this ceiling, while a decline to the floor would represent a 50% drop.
When asked if $137,000 is the target for the bull top, Severino stated his target lies between $160,000 and $180,000. He explained that $137,000 is the current ceiling, which may increase over time, making the $180,000 target more plausible in the coming months.
Historical trends suggest Bitcoin may not fall below the $39,000 floor again, as it typically does not drop below its pre-election level after US presidential elections. This indicates the next phase of the bull run may have commenced, with expectations for new highs shortly. Analyst Jelle noted on X that Bitcoin resumed its uptrend after seven months of sideways movement, predicting a rise towards a potential target of $100,000.
Current Market Dynamics
Crypto analyst CrediBULL, previously bearish, now highlights an optimistic backdrop for Bitcoin following the elections and Donald Trump’s victory. He posits that these fundamentals may prevent the Bitcoin price from dropping to $68,000 again.
CrediBULL suggests this may be an opportune moment to adopt a bullish stance, as the ascent towards $100,000 might have commenced. However, he cautioned that breaches of the $68,700 mark could weaken bullish sentiments significantly. Analyst Justin Bennett also commented on the possibility of a rally to $100,000, noting that if risk assets withstand the Fed's FOMC meeting today, the anticipated movement could materialize.
Currently, Bitcoin trades at approximately $74,800, reflecting a rise over the past 24 hours based on CoinMarketCap data.
