#Bitcoin Could Reach $200,000 If History Repeats
After the U.S. Federal Reserve lowered interest rates, Bitcoin initially dropped to $92,000 on Friday afternoon, December 20, before rebounding to over $97,000 the same day. This suggests a potential recovery.
While investors are eager for Bitcoin to revisit its all-time high of $108,135, a well-known crypto expert has proposed an even more ambitious target. Here’s a breakdown of the prediction:
Could Bitcoin Repeat a 95% Rally?
Tony "The Bull" Severino, NewsBTC's chief of research and a CMT-certified crypto analyst, shared a bold prediction on X (formerly Twitter). He anticipates Bitcoin reaching $200,000, citing historical price action and technical analysis.
The Bollinger Bands indicator—a tool that measures market volatility using a simple moving average (middle band) and upper/lower bands—supports this optimistic outlook. Severino highlighted that Bitcoin’s daily price recently retested the monthly upper Bollinger Band, a pattern historically linked to major rallies.
In late January 2024, a similar retest was followed by an 86% surge, taking Bitcoin to its previous all-time high of $73,737. Severino now predicts a 95% increase from its current price, potentially pushing Bitcoin to $200,000.
Current Bitcoin Status
As of now, Bitcoin is trading at $97,265, up 0.8% in the past 24 hours but down 4% for the week.
Key Levels to Watch
For Bitcoin to achieve this $200,000 target, it must first overcome significant resistance at $97,500 and $99,800. On-chain data shows that approximately 924,000 addresses acquired 1.19 million BTC at these price levels. This resistance is created when holders within this range sell to break even, suppressing further price increases.
Crypto analyst Martinez stated that if Bitcoin surpasses these levels, it could not only revisit its all-time high but potentially establish a new one.
