Renowned cryptocurrency expert PlanB has published a chart on platform X indicating that the price of Bitcoin is likely to quadruple its current levels.
Bitcoin is currently trading at $61,214, after a 1% increase in the last 24 hours. But could the price of Bitcoin reach $240,000 by the end of the bull market?
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Bitcoin looks to repeat the scenario of 2017 and 2021
Plan B recently shared on X, highlighting how the price of Bitcoin has historically quadrupled whenever it crossed the 200-week moving average (200 MA). This indicator is a widely used technical analysis tool to identify long-term trends of cryptocurrencies.
Bitcoin’s rise above the 200-week moving average usually indicates the potential for price growth and reflects that the bull market is still ongoing. Conversely, a drop below this average may indicate that the long-term uptrend has not yet been confirmed.
In the chart shared by the renowned analyst, he pointed to the bull market for 2017, where Bitcoin at one point fell below $4,000, illustrating how these moves could affect market sentiment.
By the top of the cycle, the price had risen to $17,760. Then, in the 2020-2021 bull market, the coin was trading around $15,560 in November 2020 before rising to $69,000 a year later.
Interestingly, Bitcoin has experienced a recession in each cycle characterized by price consolidation and correction, but in the end there is a significant rise in price.
Although history rarely repeats itself, the patterns are similar. If past trends are indicative, Bitcoin’s recent rise to $73,750 may not mark the peak of this cycle. The bull market may have more room to advance.
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There’s no room for bears here.
If this prediction is confirmed, it contradicts the indications that the cycle is trending downward.
Griffin Ardern, head of options research at BloFin, explained that the poor performance of Bitcoin and other cryptocurrencies does not necessarily mean that the bull market is over.
“Judging by the performance of the options market, traders expect that the dismantling of interest trading and the resulting liquidity replacement of interest rate cuts will affect the performance of the cryptocurrency market in the short term. However, traders are generally optimistic about the performance of cryptocurrencies in the medium and long term, which is very different from expectations for the start of the bear season.”
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