It has been quite difficult to determine when the flagship cryptocurrency asset, Bitcoin, would reach its high in the current bull run, since the price of the commodity is now bouncing between $58,000 and $60,500. But a crypto expert has shown his undying faith in Bitcoin by shedding light on its present stage and making an interesting forecast about the coin's ability to reach record heights in the coming months.
Potentially Reaching $190,000, Bitcoin's Peak
Famous bitcoin trader and analyst Lark Davis recently delved into Bitcoin's price movements and boldly predicted that the crypto asset may hit a top of $190,000, likely during the next big market rise, in an X (previously Twitter) post.
After seeing a Rainbow pattern appear on the Bitcoin chart—often seen as a positive indication for a substantial rally—Davis, who is famous for his perspective review of the crypto market, made the bold prediction.
Looking at the price history of Bitcoin, the Bitcoin Rainbow Chart can tell you whether the cryptocurrency is expensive, fairly valued, or cheap. Put simply, it is a tool that displays the logarithmic scale of Bitcoin's long-term price trend.
According to the crypto expert's analysis of the rainbow chart, Bitcoin is now in the accumulation zone. At the same time, the digital asset saw a huge rise during the previous cycle when the same event occurred, reaching a peak in the FOMO intensifies zone.
If the current bull cycle repeats the same pattern, according to Davis, Bitcoin will hit new all-time highs, especially in the $150,000 to $190,000 price range, in the coming months.
Investors are becoming more optimistic about the long-term potential of the currency as they anticipate the next big surge, even if Davis' projection is still a little off from the current price of Bitcoin.
Sensei, a cryptocurrency specialist, has also seen the same rainbow pattern on Bitcoin's chart, and his price prognosis for BTC is in line with Davis's projection. Because of the chart's importance, Sensei has also established a basic price goal of $150,000. "For this cycle, $150,000 is the minimum," he said.
In keeping with his expectations for the greatest breakout ever for BTC, the analyst has made the following prediction: the value of the underlying asset might rise to historic heights in the current bull cycle. At its predicted $150,000 price point, the currency would be worth roughly 200% more than it is now.
Bitcoin Ripped Back Near $72,000 This Month
Sensei has set a long-term price objective of $150,000 for Bitcoin, but a short-term price forecast of $72,000, indicating a substantial recovery from the present negative momentum caused by the wider market meltdown last Monday.
Sensei pointed out that Bitcoin bears have resurfaced after the unfavorable development and are once again talking about a long decline to $53,000 and $49,000. But the expert has changed his mind and now says the asset will go back up to $72,000 by the end of August.