One of the market experts closely followed by investors has published his latest price prediction. The prediction, based on one of the classic formations, promises impressive gains for #BTC. The analyst, known by the pseudonym Cheds, mentions the cup-and-handle model in the weekly Bitcoin chart he shared on X, indicating that this formation has developed.
According to classical chart rules, Cheds expects Bitcoin to rise to $300,000 in about two years. This is a very ambitious estimate because as the unit price increases, the market value reaches massive levels, which requires significant institutional capital inflows.
However, there is a challenge here. The target formation focusing on 2026 should not be realized according to historical data. Analyst Cheds also emphasizes that the price target and timeline contradict two widely held views on Bitcoin's market cycles. The first issue is that the four-year cycle is expected to end in 2025, based on historical data. The second detail is that in each cycle, #BTC earnings decrease in percentage terms against the growing price.
Cheds is also optimistic about the short-term outlook as Bitcoin reclaims $61,500. While the article was being prepared, BTC, which found buyers at $63,675, dropped below $59,000 on May 1. This key area that we always highlight has been strongly protected by the bulls, and we have not seen long-term closes below it. BTC set a bottom at $56,552.
"On the four-hour chart, BTC is creating a good volume cluster... Once it broke $61,500, things started to get interesting."
The analyst thinks that after a short-term fake decline, the BTC price may increase further depending on its reaction to the resistance at $63,500. BTC continues to close above this key area for now.
👍Like | 💬 Comment | ↪️ Share🚀
🔥 Please follow @Coinaute Binance Square account! 🚀🔥
- Website: coinaute.com
- Twitter: Coinaute EN
- Mail : contact@coinaute.com
#CryptoWatchMay2024 chMay2024 #Bitcoin #BTC $BTC