Expert: Bitcoin has the opportunity to reach a price of $200,000.
Having avoided falling below $60,000, Bitcoin (BTC) is again trading around the $70,000 mark. Given such an active revival, investors are wondering whether there will be a new BTC rally as a result those whose asset will reach another record high before the halving in April. Indeed, much of the market's attention is focused on the potential for the price of Bitcoin to reach the six-digit mark, and TradingView believes that in the current cycle the number one the asset has a greater chance of doing so. In the TradingView article, the company's analyst suggested that the asset could reach a price of $200,000, despite a two-week consolidation period after reaching the previous record high.
In his opinion, Bitcoin has demonstrated outstanding resilience, similar to that observed during the previous cycle in November 2020, when the price of the asset passed three weekly phase of trading in the “sideways” after the establishment of a new record maximum. Some similarities appear in price movements and technical indicators, especially in the weekly commodity channel index. Bitcoin's Next Goals This analogy reinforces the point that over the past seven years, Bitcoin has consistently exhibited an ascending channel pattern. Fibonacci retracement levels also speak about the symmetry of trends.
Bitcoin price analysis. Source: TradingView/TradingShot.
Thus, in the near future we expect a parabolic rally with the first target at the 1.618 Fibonacci level, where the price will be $180,000. If this is followed by a double top pattern “a”, we will be able to see a “broken top” at the level of $200,000, he believes analyst However, he cautioned that all of these projected prices remain below the Fibonacci channel at 0.786. Conservative estimates suggest that Bitcoin will peak at $200,000 in this cycle, but if we stick to the standard pattern of rising channels with higher highs, prices could rise. even more and reach $300,000. It is worth noting that after several days of growth, Bitcoin reached a weekly peak of almost at $71,200 before securing your profit. This price trajectory followed the completion of a five-day period of outflow of funds from spot Bitcoin ETFs
