Bitcoin Price Continues to Fluctuate as Bulls Struggle to Reclaim $70,000: Expert Prediction
The price of Bitcoin has been experiencing fluctuations since March 20, remaining below $73,000. Despite a temporary dip, the bulls have returned to the market, but they have yet to reclaim the $70,000 mark. So, what is the current Bitcoin prediction by a well-known crypto commentator?
Bitcoin Expert Prediction
A respected market expert, closely followed by investors, has recently shared his price prediction. Based on a classic formation, the expert foresees significant gains for BTC. Known as Cheds, the analyst points out a cup-and-handle pattern in the weekly Bitcoin chart shared on platform X, indicating the formation of this pattern.
According to traditional chart analysis, Cheds expects Bitcoin to rise to a staggering $300,000 within approximately two years. This prediction is quite ambitious, as it would require substantial institutional capital inflows to drive the unit price up even further as the market value reaches new heights.
2025 and 2026 Crypto Predictions
However, there is a potential issue with this prediction. The target formation for the year 2026 contradicts historical data. Cheds also highlights that the price target and timeline go against the two commonly accepted views regarding Bitcoin’s market cycles. Firstly, historical data suggests that the four-year cycle is expected to end in 2025. Secondly, in each cycle, the percentage gain of BTC decreases in relation to the growing price.
Despite this, Cheds remains optimistic about the short-term outlook for Bitcoin, as it has reclaimed the $61,500 level. At the time of writing, BTC was being traded at $63,675, having briefly dropped below $59,000 on May 1. The bulls have consistently defended this key level, preventing long-term closures below it. The bottom level for BTC was established at $56,552.
The analyst believes that after a brief fake decline, BTC’s price could rise further depending on its ability to overcome resistance at $63,500. Currently, BTC continues to maintain closures above this crucial region.
Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.