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crypto analyst merchant tardigrade The community’s attention has been drawn to the fact that Bitcoin’s price is reflecting the movements of 2023. The analyst also provided further insight into what this means for the flagship crypto.
Bitcoin price reflects movements in 2023
In an X post, trader Tardigrade said that Bitcoin price remains on track with a move to 2023. He further commented that the flagship crypto has just been completed pullbackWith the pullback complete, the crypto analyst claimed that there will be a rise above 100,000, followed by consolidation around that level.
Interestingly, trader Tardigrade also predicted that the price of Bitcoin would reach $200,000 as early as 2025. The chart accompanying the analyst shows that the price rally for this target will occur by March 2025.
This parabolic rally to $200,000 is expected to mirror the same type of rally that BTC achieved in early December when it surged over the past year. All Time High (ATH) of $73,000 earlier this year in March. Meanwhile, it is noteworthy that trader Tardigrade is not alone in predicting that the price of Bitcoin could reach this level in this market cycle.
bernstein analyst He previously predicted that the price of BTC would reach $200,000 by the end of 2025, although he claimed this was a ‘conservative’ target. Geoffrey Kendrick, head of research at Standard Chartered, also predicted that Bitcoin could reach this price target and gave a similar timeline to the Bernstein analysts.
However, crypto analyst Tony Severino suspects that the price of Bitcoin could reach $200,000 in this bullish cycle. Instead, he made a more conservative prediction, stating that the flagship crypto will likely peak somewhere in the $160,000 rangeThe analyst said this was a more feasible target, given that the golden ratio is in this range.
BTC is “far away” from market top
In an X post, the crypto analyst ali martinez Emphasizing that the price of BTC is still “far away” from the market top. He made this statement by highlighting the Market Value to Real Value (MVRV) indicator, which shows whether an asset is overvalued or undervalued. The chart showed that Bitcoin still has not reached its true value.
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The price of Bitcoin is currently experiencing a significant price correction, with a steady rise since Donald Trump’s victoryHowever, Martinez suggested that now might be a good time to buy this dip. According to them, the TD sequence presents a buy signal on the Bitcoin hourly chart, while a bullish divergence is formed against the Relative Strength Index (RSI). He said this could help Bitcoin rally between $95,000 and $96,000.
At the time of writing, the price of Bitcoin has fallen over the past 24 hours to trade around $93,400. data From CoinMarketCap.
Featured image created with Dall.E, chart from tradingview.com
