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Renowned crypto analyst TradingShot had previously forecasted a substantial surge in Bitcoin’s price, suggesting it might climb as high as $150,000 during this bullish phase. As Bitcoin teeters near the $100,000 benchmark, TradingShot has mapped out the cryptocurrency’s ongoing price movements, offering insights on how it could ascend to the $150,000 mark by 2025.
The Current Bitcoin Price Action and Road to $150,000
In a detailed analysis shared on TradingView, TradingShot highlighted that Bitcoin’s price recently exited the 0.786 to 1.0 Fibonacci range, a zone where it lingered from March 2024 until October 2024. This breakout, according to the analyst, was significantly influenced by the US presidential elections and the subsequent market euphoria following Donald Trump’s victory.
Analyzing Past Bull Cycles
TradingShot observed that Bitcoin’s price has swiftly risen since it stepped out of the aforementioned range. He drew parallels between last month’s price movement and those of November 2020 and May 2017, periods marked by the initiation of aggressive rallies in their respective bull cycles.
The analyst detailed that during the period from May to December 2017, Bitcoin’s price ascended at a 71.5° angle. In the 2021 cycle, the angle was slightly reduced to 68.5° between November 2020 and April 2021. If this pattern continues, TradingShot speculates that the 2024/2025 rally might occur at a 65.5° angle, suggesting a consistent downward adjustment in the angle of ascent.
Potential Targets and Technical Analysis
Based on these insights, TradingShot posits that Bitcoin could potentially target $300,000 by May 2025 if it mimics a double top cycle similar to that seen in 2021. Nonetheless, he emphasizes that the $150,000 target remains highly feasible from a technical standpoint, as it aligns closely with the upper limit of a multi-year channel identified on his chart.
BTC’s Next Move: Uncertainty Prevails
Despite this optimistic outlook, another crypto analyst, Kevin Capital, advises caution, suggesting that Bitcoin’s next move remains ambiguous. He notes a significant liquidity presence beneath the $88,000 mark, while the main concentration of liquidity hovers around the $100,000 to $103,000 range. This observation leads him to recommend a wait-and-see approach regarding Bitcoin’s upcoming trajectory.
In the meantime, Mikybull Crypto, another analyst, has indicated that a period of cooling off may be on the horizon for Bitcoin. This prediction follows a recent sell signal for Bitcoin’s dominance, the first such signal since 2020. In light of this, he declares that the altcoin season is officially underway.
Altcoin Season and Market Dynamics
Data from Blockchain Center corroborates this sentiment, confirming that it is indeed altcoin season. Over the past 90 days, 75% of the top 50 cryptocurrencies by market capitalization have outperformed Bitcoin. This shift could result in Bitcoin experiencing a temporary slowdown while altcoins enjoy substantial gains.
As of now, Bitcoin is priced at approximately $95,600, reflecting a slight dip over the past 24 hours according to CoinMarketCap. The cryptocurrency continues to maintain its position above the $95,000 mark.
