A crypto analyst, Trader Tardigrade, predicts a massive Bitcoin price surge. Their analysis points to a potential price of $113,000.
The Bullish Pennant
Trader Tardigrade spotted a “bullish pennant” on the Bitcoin chart. This pattern usually means a price increase after a short period of consolidation. They believe Bitcoin is currently consolidating before a significant price jump, with $113,000 as a short-term target. The analyst highlights that the current consolidation looks healthy and that Bitcoin is approaching a breakout. They also note that the recent weekly candle closed near the all-time high of $93,000, further supporting their bullish outlook. The strength of the uptrend, they say, confirms the start of a bull run.
Long-Term Predictions
Based on past trends and Fibonacci extensions, Trader Tardigrade also made a bolder prediction: Bitcoin could reach $462,000 in this market cycle. This prediction is based on how previous bull runs have ended within specific Fibonacci extension ranges.
Potential Price Correction?
However, not everyone is as optimistic. Analyst Ali Martinez points out several reasons why Bitcoin might see a significant price correction.
Reasons for a Correction
- Extreme Greed: High levels of investor enthusiasm (indicated by Google search trends) often precede corrections.
- Profit-Taking:
Investors have already made substantial profits, and some might cash out, leading to selling pressure. - Technical Indicators: Technical indicators like the TD Sequential and RSI suggest Bitcoin is currently overbought.
Martinez identifies key support levels around $83,250-$85,800 and $72,880-$75,520. However, a sustained close above $91,900 would invalidate the bearish outlook and potentially lead to a breakout towards $100,680.
