Bitcoin’s recent price surge has one analyst predicting a massive jump.
Bitcoin’s Bullish Run
Bitcoin (BTC) has seen a significant price increase, climbing above $104,000 after a dip below $75,000 in April. This impressive rebound has led X analyst Mr. Wall Street to forecast a price as high as $200,000 before the current market cycle ends.
Reasons Behind the Rise
Mr. Wall Street attributes Bitcoin’s 40% gain to two key factors:
- Supply Shock: A shortage of Bitcoin at over-the-counter (OTC) desks forced institutional investors to buy directly from exchanges, boosting demand.
- Gold’s Influence: Increased investment in gold, driven by fears surrounding US tariffs, historically leads to a Bitcoin price increase. Mr. Wall Street explains that because the gold market is much larger than the Bitcoin market, even a small shift in investment from gold to Bitcoin can cause a significant price jump.
The Forecast
Mr. Wall Street believes the positive market effects from these factors will continue for 3-6 months. This means a potential uptrend until August-November, with Bitcoin potentially reaching $150,000. After a period of consolidation between $150,000 and $180,000, he predicts a final surge to $200,000, a key psychological resistance level.
Cycle Top and Correction
The analyst suggests that $200,000 could mark the peak of the current market cycle, prompting many early investors to sell. This could trigger a significant correction of 50%-70%, potentially dropping the price to around $100,000 or lower.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $103,956, with daily trading volume slightly down.