Crypto Analyst Predicts Bitcoin Price Could Reach $133,000 in Current Bull Run
Crypto analyst Tony Severino indicated that Bitcoin's price is nearing the peak of its current bull run. He projected a potential market top of $133,000 based on his analysis.
Bitcoin Price Target For Strongest Part Of This Bull Run
Severino noted that the BTC 2-month Relative Strength Index (RSI) is approaching 70, a level that has historically preceded significant price surges. In prior cycles, this RSI level led to price increases of 11,000% in 2012, 2,700% in 2016, and 437% in 2020.
The analyst observed that each subsequent bull run peak has been approximately 20% of the previous cycle's peak. Thus, applying this logic to the 437% rally from the 2021 bull run, the $133,000 target emerges. Buying Bitcoin at current levels could yield an 87% return.
Analyst Ali Martinez also recommended purchasing Bitcoin, asserting that it is not too late to enter the market. He highlighted that the Market Value To Realized Value (MVRV) ratio has surpassed its 365-SMA (Simple Moving Average), often signaling major bull runs. He noted that a golden cross has occurred again.
Martinez's chart indicated a 236% increase during the last golden cross occurrence, suggesting further upside for Bitcoin despite its recent rise above $73,000.
BTC Could Rise To $462,000
Ali Martinez offered a more bullish forecast than Severino regarding Bitcoin's potential peak. He referenced historical patterns where BTC reached peaks between the 1.618 and 2.272 Fibonacci retracement levels. If this pattern holds, Martinez estimated Bitcoin could reach between $174,000 and $462,000.
While predictions vary, there is a consensus that Bitcoin will likely exceed $100,000. Analysts, including those from Standard Chartered, suggested that Bitcoin could surpass this threshold if Donald Trump wins the US presidential election.
Currently, Bitcoin trades around $72,300, reflecting a nearly 2% increase in the past 24 hours according to CoinMarketCap.
