Bitcoin Price Could Surge to $160,000-$200,000 with Break Above $108,500
A crypto analyst forecasts a significant Wave 3 rally for Bitcoin, potentially reaching new all-time highs between $160,000 and $200,000. This surge is contingent on a breakout above the $108,500 resistance level, which could trigger a bull run.
Key Points
- Current Bitcoin price is below $108,500, with analysts suggesting a breakout could initiate an explosive rally.
- Technical analysis indicates Bitcoin has completed Wave 1 and is in the consolidation phase after an ABC corrective Wave 2.
- The Stochastic Relative Strength Index shows bullish momentum rebuilding.
- Intermediate resistance levels noted at $117,795 and $137,421 based on Fibonacci Extensions.
- Bitcoin Dominance (BTC.D) is expected to rise towards 70%, delaying the anticipated altcoin season.
Additional Forecast
- TechDave identifies a "launch signal" indicating the start of major bull market rallies, previously observed in 2012, 2016, and 2020.
- The current signal suggests a potential peak for Bitcoin at $375,000 based on historical trends.
