Prominent Bitcoin Chart Analyzer: BTC Price At $150,000 USD By July 2023 Using ‘Cycle Peak Values’
‘Bitcoin (BTC) Set To Hit $150 K In The Next 4 Years After An Upcoming Short Term Bearish Run’
The year has been bliss for the cryptocurrency world so far in 2019 as prices continue to rise gradually above their resistance levels. Despite the price of Bitcoin (BTC) plummeting over 80% during 2018, analysts are keeping their predictions bullish. One analyst believes the coin is set to hit $150,000 USD in the next few years given the historical price charts.
John Rager, a technical analyst on digital currencies and cryptocurrency enthusiast, explains on Twitter that the previous two all-time highs in 2011 and 2017 offer a signal of the price hitting $150K by 2023. A pattern is emerging where BTC’s price falls after an ATH before rebounding to a new high over time. With the price hitting $31 USD in 2011, it has gone on to hit new highs in 2014 ($1,177 USD) and later in 2017 ($19,764 USD).
While the ascension of BTC’s price is strongly showing in the first 3 months of 2019, Rager believes the price is yet to bottom out.
“It’s been a historically good idea to short or sell near $4,200 and buy or long near $3,500.” – John Rager
Bulls vs Bears: Short Term Analysis On BTC
The long term view on BTC is quite skewed towards a bullish stance while the short term remains ambiguous among technical analysts and experts as well. The last few weeks have seen many analysts predicting that BTC price has already bottomed out and we are currently in the accumulation period. The support level at $3,500 USD and the resistance level at $4,200 USD are yet to be broken.
If the price is able to sustain the momentum above $4,000 in the coming weeks and break the resistance, analysts believe a bull run towards the $5,000 USD region is foreseeable.
The market is yet to totally recover as cryptocurrency projects struggle to secure funding and resources to develop their blockchains. The low capital injection in the field is causing a strain on most executives of these blockchain companies. However, most of them remain optimistic about the future ahead.
Has BTC’s Price Hit Bottom?
Since testing the $3,500 USD support level in January, BTC’s price has performed rather well which flipped the predictions of most technical analysts. The overall consensus seems to point to Bitcoin having bottomed out or is very close to bottom out. A reversal in BTC price will be the start of a long journey towards $150,000 USD price tag for Bitcoin.
The investors have changed in the field however, a strong push towards the $150K mark is unlikely to happen as it did in 2017. A slow gradual rise is being predicted from 2019 till 2023, a year before the halving.
The future price of BTC is not known and there is a possibility of many scenarios to play out. Bitcoin’s price is currently lingering above the $4,100 USD mark and a cross above that mark signals bullish momentum. A cross below the $3,500 USD mark, however, shows that the coin is bearish and offers a sell signal. The current sideways movement we are experiencing offers a chance to ride on other cryptocurrencies.