Cryptocurrency analyst TradingShot has previously predicted that Bitcoin prices could rise to $150,000 during this bull run. With the flagship cryptocurrency currently approaching the $100,000 milestone, the analyst charted Bitcoin’s current price action and provided insights on how the cryptocurrency could reach its $150,000 target by 2025.
Current Bitcoin Price Trends and the Road to $150,000
TradingShot said in an article on TradingView that the Bitcoin price has now broken out of the 0.786 to 1.0 Fibonacci range that has been consolidating from March 2024 to October 2024. The analyst noted that the October breakout was largely due to the euphoria following the U.S. presidential election and Donald Trump’s victory.
TradingShot said Bitcoin price has only been outside of that range for a month and is already much higher. He noted that last month’s candlestick chart was similar to November 2020 and May 2017. Coincidentally, those were the times when “the most aggressive rallies in the bull cycle began.”
The cryptocurrency said that between May and December 2017, the Bitcoin price was at an angle of 71.5°. In the 2021 cycle, Bitcoin was at an angle of 68.5° (3° lower) between November 2020 and April 2021. If this happens to be a trend, TradingShot noted that it is safe to assume that the 2024/2025 parabolic rally could be at an angle of 65.5° (3° lower than the previous cycle).
In line with this, TradingShot said that if the cryptocurrency records a double top cycle like it did in 2021, the Bitcoin price could reach its $300,000 target as early as May 2025. At the same time, the crypto analyst asserted that the $150,000 target is “very reasonable” from a technical analysis perspective as it is just below the top of the multi-year channel he highlighted on the chart.
BTC’s next move remains unclear
In a bullish prediction for Bitcoin price, cryptocurrency analyst Kevin Capital said that the direction of BTC is still unclear. He said that although Bitcoin has a lot of liquidity below about $88,000, the real liquidity is still in the range of $100,000 to $103,000. Based on this, the analyst said it is best to sit back and wait and see what happens next.
Meanwhile, cryptocurrency analyst Mikybull Crypto said that Bitcoin price could experience a cooling period during this period. He revealed that Bitcoin’s dominance has seen a sell signal for the first time since 2020. In light of this development, he said that it is now officially altcoin season.
Data from Blockchain Center shows that this is indeed the peak season for altcoins. Over the past 90 days, 75% of the top 50 tokens by market cap have outperformed the price of Bitcoin. Since this is the peak season for altcoins, Bitcoin may cool down while altcoins will experience parabolic gains.
At the time of writing, the bitcoin price is around $95,600, having fallen over the past 24 hours, according to data from CoinMarketCap.
