Bitcoin To $300,000? Crypto Pundit Reveals Drivers
Crypto analyst: Bitcoin's price swings might lead to $300,000. Key technical signs and patterns outlined by the expert might lead BTC to a new all-time high.
Bitcoin to Enter Aggressive Bull Cycle
TradingView analyst ‘TradingShot’ predicted Bitcoin will reach $300,000. TradingShot found that Bitcoin has tested and maintained the Mayer Multiple (MM) Mean and is consolidating after analyzing its price movements from 2012 to 2024.
The Mayer Multiple (MM) Mean technical indicator calculates the price-200-day moving average ratio. It also determines Bitcoin's undervaluation, overvaluation, or fairness.
The crypto researcher showed a BTC price chart with multiple green arrows indicating the bull cycle's most active stage. Green arrows were highlighted in different places from 2013, 2017, and 2021, following Bitcoin halving dates.
Interestingly, the research included Fibonacci extensions from earlier cycles. TradingShot found a unique pattern to Bitcoin's price cycles by analyzing Fibonacci extensions from the MM Mean's lows to highs preceding it.
The crypto expert said that Cycle 1 had risen slightly beyond Fib 2.0 and Cycle 2 was double its Fibonacci extension at 4.0. At 6.0, Cycle 3 was twice Cycle 2's Fibonacci extension.
The expert predicted a twofold spike in Cycle 4 of the 2024 Bitcoin cycle, reaching a Fibonacci extension of 8.0. Though speculative, my prediction would push BTC to $300,000.
TradingShot admitted that his estimates were technical due to exact measurements from past high-to-low cycles since Bitcoin reached the MM Mean. He said that when the MM Mean was slightly violated, the recovery was strong.
BTC Price Falling
Although TradingShot is hopeful about Bitcoin's future, the cryptocurrency has been falling lately. Over the last month, the cryptocurrency has fallen 11.16%.
Thus, crypto expert Michael van de Poppe predicted more devastating downturns for Bitcoin.
