Bitcoin Price Could Rally to $200,000 Despite Recent Crash
Bitcoin Price Analysis
Despite a recent price drop, crypto analyst TradingShot forecasts Bitcoin could reach $200,000 in this market cycle. Key points include:
- The prediction is based on historical trends and volatility driven by geopolitical and economic factors.
- A cycle top may form around November, similar to previous cycles occurring in November or December.
- The projected peak price range is between $180,000 and $200,000.
- Standard Chartered and Bernstein analysts have also suggested that a $200,000 target by the end of 2025 is feasible.
Potential Price Rebound
Bitcoin's price fell to $93,000 recently, down over 2% in the last 24 hours. However, signs indicate a possible rebound:
- Over 22,000 BTC, valued at $2.10 billion, were withdrawn from exchanges, indicating bullish sentiment.
- 63.92% of Binance traders are now going long after previously shorting when prices exceeded $100,000.
Current trading price for Bitcoin stands at approximately $93,000.