Four months ago, bitcoin price was 60,000. True, at a price near $100,000 today, this concept is (not) more hypothetical than it is not. Here’s why.
Bitcoin on Track for $150,000?
Trading firm TradingShot predicted a Bitcoin price of 60,000 at that time. At the time, the forecast was met with skepticism. On the other hand, if Bitcoin rises to a "psychological" value of $100,000 its goal would be perfectly reachable.
At present the course of prices and market dynamics appear to be in agreement with a behavioural model (i.e., being courageous) of growth dynamics and thus the latter prediction itself should by no means be rejected.
Technical Analysis and Fibonacci Levels
The price of Bitcoin is out of a Fibonacci range between 0.786 and 1.0 (which in turn it has stayed between March and October 2024). Although the current rising price can now be mostly attributed to the u.s. presidential election and consequent market panic/overreact, etc. But on their second, a full month of exposure in the huddle zone and own cost came at a heavy price.
The current daily candle bar is very similar to the candle bars in November 2020 and May 2017 that preceded the largest bull market of Bitcoin's history. But, should this market continue to move in this trend, then Bitcoin is at possibility of making another significant move up again.
Parabolic Rally: A Look Back at the Past
As in previous bull markets, such as May to December 2017, and November 2020 to April 2021, this current cycle may trigger a parabolic breakout. Since 2017 the congress started at an angle of 71.5° and in 2020 at an angle of 68.5°. In keeping with the current state of development, angle seems to be converging to about 65.5°, and therefore Bitcoin may be trading at as much as $300,000 by May 2025 (and if and when, of course, trajectory stays as it is).
The Psychological $150,000 Threshold
A target of $150,000 now appears to be an attainable one as it is near the top of a wide, linear range of price movement in which Bitcoin has traded since December, 2013. If price goes through the threshold above, it may trigger a "blow-off top", which has been noted in previous rallies as well.
For long-term investors, this may be another good opportunity to realise profits while the Bitcoin is constrained by that channel. However, the cost can rise very substantially if the cost is greater than $150,000 threshold.
Conclusion: Bitcoin Remains a Volatile but Promising Investment
Although at some point the vision of Bitcoin at a price of 150,000 or even 300,000 dollars seemed farfetched, it is more and more likely. Technical analysis, and historical price behavior, all indicate that price for Bitcoin may be stabilized over coming months and years.
