The Bitcoin price is slowly breaching the $70,000 mark, showcasing steady upward momentum despite downward pressure from the bearish performance of the US equities market. Taking note of Bitcoin’s recent price movements, a crypto analyst has suggested that the pioneer cryptocurrency could be gearing up for a strong bull wave that could drive its price by over 70%, pushing it past the $100,000 milestone.
Here’s How High An Analyst Project’s Bitcoin’s Next Price
Popular crypto analyst, Javon Marks revealed in an X (formerly Twitter) post on Thursday that Bitcoin’s recent price movements were signaling an impending bull rally. The analyst observed that Bitcoin’s current market conditions resemble past patterns and trends.
Marks presented a detailed chart depicting Bitcoin’s price action from 2023 till date. The analyst noted that the Bitcoin price had formed a Hidden Bull Divergence pattern in 2023, spanning from February to November. Similarly, the cryptocurrency is currently developing another Hidden Bullish Divergence pattern, beginning at the start of the beginning of the year and appearing to extend towards year-end.
Based on these parallel price movements, Marks suggests that Bitcoin is poised for a significant rally to new highs soon. The analyst projects thatBitcoin’s next target is presently 70% above its current price, with the potential to surge as high as $116,652 as it experiences one of the most explosive bull waves ever seen.
From Mark’s X post, it can be seen that the analyst has consistently projected the $116,600 price target for Bitcoin. His earliest Bitcoin prediction of this all-time high was on September 12, when he claimed that Bitcoin’s rise to over $116,600 was still 100% away.
Mark’s unwavering confidence in this price target suggests a strong conviction that Bitcoin is poised to reach a new ATH this cycle. Currently, the price of Bitcoin is trading at $67,601, marking a 1.31% increase in the last 24 hours and a 5.86% increase over the past month, according to CoinMarketCap.
Bitcoin Price Could Jump Even Higher Than $116,000
Another well-known crypto analyst, identified as ‘Yoddha’ on X has presented a Bitcoin price chart highlighting its next bullish price target. With a caption that reads: “When in doubt, zoom out,” the analyst has expressed his confidence that Bitcoin is set to skyrocket this season.
In the price chart, the analyst pinpointed his next target for Bitcoin, indicating that the cryptocurrency could see its price soaring between $130,000 to $170,000. This price surge is expected to occur around 2025 when the bull market is fully underway.
Conversely, Elja, a market expert on X, has projected a moreconservative price target for Bitcoin, expecting the cryptocurrency to soar to a new ATH of around $94,000. However, the analyst believes that this massive price breakout will begin in October.
Featured image created with Dall.E, chart from Tradingview.com