A crypto analyst is predicting that Bitcoin could reach a whopping $260,000, but it’s not a sure thing. He says Bitcoin needs to meet some specific market conditions first.
Bitcoin’s Cup and Handle Pattern
This analyst, who goes by the name “Trader Tardigrade,” thinks Bitcoin’s price chart is forming a pattern called a “Cup with Handle.” This pattern basically looks like a cup with a handle, and it’s a signal that a cryptocurrency is about to go up in price.
He thinks Bitcoin could see a huge rally to $260,000 by the end of 2024. But for that to happen, Bitcoin needs to break through a price level of $68,000. That’s the “handle” part of the Cup with Handle pattern.
Bitcoin’s Descending Channel
Another analyst, Ali Martinez, is also bullish on Bitcoin. He’s looking at a different pattern called a “Descending Channel.” This pattern shows the price of a cryptocurrency moving between two parallel lines that are sloping downwards. The top line is like a ceiling, and the bottom line is like a floor.
Martinez says Bitcoin has hit the top of this channel, but the ceiling is weaker than the floor. This means Bitcoin could break through the ceiling and keep going up.
Bitcoin’s Key Support Level
Martinez also says that $66,000 is a key support level for Bitcoin. If Bitcoin can hold above that price, it could set the stage for a big rally.
Bitcoin’s Bull Run
Both analysts agree that Bitcoin is in the middle of a bull run, which means it’s expected to keep going up in price. They both predict that Bitcoin will continue to rise until late 2025.
So, while a $260,000 Bitcoin price might seem crazy, it’s not completely out of the question. But it’s important to remember that the crypto market is volatile, and anything can happen.
