A crypto analyst has suggested that Bitcoin’s price movements were indicative of a potential surge to $300,000. The analyst has revealed key technical indicators and patterns that could signal BTC’s drive to a new target all-time high.
Bitcoin Poised For Aggressive Bull Cycle Phase
A crypto analyst identified as ‘TradingShot’ on TradingView, a financial market analysis platform, released a post, predicting Bitcoin’s rise to $300,000. In their analysis of Bitcoin’s historical price movements from 2012 to 2024, TradingShot revealed that BTC had successfully tested and maintained the Mayer Multiple (MM) Mean and is currently in a consolidating phase.
The Mayer Multiple (MM) Mean is a technical indicator which computes the ratio between the price and the 200-day moving average. It is also used to determine whether Bitcoin is undervalued, overbought or fairly priced.
Sharing a BTC price chart, the crypto analyst highlighted several green arrows which pinpointed where the most aggressive historical period of the bull cycle began. The green arrows had been marked in distinct areas from 2013, 2017, 2021, years which followed the Bitcoin halving dates.
Interestingly, the analysis was also based on the application of Fibonacci extensions from previous cycles. By measuring the Fibonacci extensions from the MM Mean’s lows to highs before it, TradingShot identified a unique pattern alongside a progression in Bitcoin’s price cycles.
The crypto analyst had revealed that Cycle 1 had surged marginally above Fib 2.0, while Cycle 2 was twice the Fibonacci extension of Cycle 1 at 4.0. Similarly, Cycle 3 was twice the Fibonacci extension of Cycle 2, at 6.0.
Applying this pattern to the current 2024 Bitcoin cycle, the analyst suggested that Cycle 4 could also witness a double surge, to potentially reach a Fibonacci extension of 8.0. This projection, though inherently speculative, would see BTC’s price rising to $300,000.
TradingShot revealed that his projections were undeniably technical considering the precise measurements made from previous highs to lows cycles where from the moment Bitcoin touched the MM Mean. He disclosed that whenever the MM Mean was marginally breached, the rebound that followed was impressive and robust.
BTC Price On A Downward Trend
Despite TradingShot’s optimistic outlook on Bitcoin’s future price, the cryptocurrency has been on a major downward trajectory recently. The cryptocurrency is down by approximately 11.16% over the past month.
As a result, Crypto analyst, Michael van de Poppe, made a pessimistic projection for Bitcoin, expecting more crippling downturns for the pioneer cryptocurrency. Poppe revealed that the Federal Open Market Committee (FOMC) meeting on Wednesday, May 1, was likely casting a significant shadow over the market’s dynamics, causing market participants to reevaluate their positions.
He disclosed that investors may be adjusting their portfolios ahead of the meeting in hopes that the FOMC may signal a forthcoming rate cut.
BTC bears pull price down below $63,000 | Source: BTCUSD on Tradingview.com
Featured image from NewsBTC, chart from Tradingview.com