According to crypto trader TradingShot, the newfound momentum of Bitcoin (BTC), which lifted it above $60,000, could become part of the anchor that will push the main cryptocurrency to a new record in $200,000. The analyst’s analysis is based on the sequence of technical patterns that indicate significant jumps in the Bitcoin rate . Now, according to the calculation, Bitcoin is approaching the top of the four-month bull flag. TradingShot noted that this pattern is part of a larger, longer-term ascending channel pattern. As soon as BTC breaks the bullish flag, there will be a parabolic breakout to record values.
TradingShot is confident that Bitcoin remains within the bullish cycle, despite recent market corrections. The analysis also included sine waves to predict the timing of the peak of the cycle, which suggests that the peak is approximately 11-12 months away. According to the expert, the peak of the previous cycle reached the Fibonacci retracement level of 0.786 of the rising Fibonacci channel. TradingShot expects that this time Bitcoin may reach the 0.5 Fibonacci level, which corresponds to the theory of diminishing returns. Despite this slowdown, the target price for Bitcoin is projected to be at least $200,000. If Bitcoin follows the predicted path, it could reach high level for patient investors. On the evening of July 19, BTC overcame resistance at $65,000 and rose to $67,000, from where it will quickly rise to $70,000.
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