Cryptocurrency analyst TradingShot had previously predicted that the price of Bitcoin could rise to $150,000 during this bullish run. With the leading cryptocurrency currently approaching the $100,000 mark, the analyst charted Bitcoin's current price action and provided insights on how the cryptocurrency could achieve this $150,000 target by 2025.
Current Bitcoin price action and the path to $150,000
In a post on TradingView, TradingShot claims that the price of Bitcoin has now broken free from the Fibonacci range of 0.786 to 1.0, a price level that has been consolidated from March 2024 to October 2024. The analyst notes that the breakout in October is largely due to the U.S. presidential election and the excitement following Donald Trump's victory.
TradingShot states that the price of Bitcoin is only a month away from this range and has been much higher. He notes that last month's candle is similar to November 2020 and May 2017. Coincidentally, those periods were when "the strongest bullish rallies of those bull cycles began."
The cryptocurrency noted that Bitcoin's price was at 71.5° from May to December 2017. In the 2021 cycle, Bitcoin was at 68.5° (3° lower) from November 2020 to April 2021. If this is a trend, TradingShot remarks that it can be reassuring that the parabolic rally in 2024/2025 could be at 65.5° (-3° compared to the previous cycle).
In line with this, TradingShot stated that this gives Bitcoin a potential target price of $300,000 as early as May 2025 if this cryptocurrency records a double top cycle like in 2021. Meanwhile, the cryptocurrency analyst asserts that the $150,000 target is "very reasonable" from a technical analysis perspective as it is just slightly below the peak of the multi-year channel he has marked on the chart.
The next move of BTC remains unclear
Amid this bullish prediction for Bitcoin's price, cryptocurrency analyst Kevin Capital has suggested that BTC's movement remains unclear. He states that while Bitcoin has significant liquidity around the $88,000 dip, most of the actual liquidity resides between $100,000 and $103,000. Based on this, the analyst claims that it is best to sit back and see what happens next.
Meanwhile, cryptocurrency analyst Mikybull Crypto has suggested that the price of Bitcoin may experience a cooling-off period during this time. This comes as he reveals that a sell signal has flashed on Bitcoin's dominance for the first time since 2020. Consistent with this development, he claims that this is officially altcoin season.
Data from the Blockchain center shows that this is indeed altcoin season. Over the past 90 days, 75% of the top 50 coins by market capitalization have outperformed Bitcoin's price. With this being altcoin season, Bitcoin may cool off while altcoins record parabolic price increases.
