Bitcoin’s price has been stuck between $103,000 and $110,000 for the past month, a bit of a snooze-fest after hitting a record high of $111,931 in late May. But one analyst thinks the party’s far from over.
A Bullish Signal
Trader Tardigrade, a popular analyst on X (formerly Twitter), sees a strong bullish signal in Bitcoin’s recent price action. They’ve spotted a “golden cross” – a technical indicator where the 50-day moving average crosses above the 200-day moving average. This is often seen as a sign of a significant price increase.
Past Performance
Historically, Bitcoin has seen some impressive gains after a golden cross. Three previous golden crosses in 2023 resulted in price increases of 49%, 125%, and 68%.
The Prediction
Based on this history, Tardigrade predicts a minimum price of $152,000 for Bitcoin (a 45% increase from current prices). But in a more optimistic scenario, they see Bitcoin reaching a whopping $229,000 – a massive 118% jump! They point to Bitcoin’s 47% rise since April lows and a 656% increase since the start of the current market cycle in late 2022 as supporting evidence.
Current Market Conditions
Currently, Bitcoin is trading around $105,552, showing small gains over the past day, week, and month. While the price action has been a bit sluggish recently, investor interest remains high. Last week saw a massive $1.37 billion in net inflows into Bitcoin ETFs, a significant rebound after two weeks of outflows.
The Bottom Line
While nothing is guaranteed in the crypto world, the golden cross and historical data have Trader Tardigrade predicting a potentially huge surge in Bitcoin’s price. Whether it hits $152,000 or the more ambitious $229,000 remains to be seen, but it’s certainly food for thought for Bitcoin investors.