After the price of the flagship cryptocurrency Bitcoin ($BTC) surpassed the $30,000 mark earlier this month, some cryptocurrency analyst have started anticipating further rises, with one analyst pointing to a historical chart pattern that suggests BTC is set to skyrocket in the near future.
Bitcoin, according to pseudonymous crypto analyst BitQuant, has completed its final pullback before “heading to the moon” and skyrocketing toward $190,000, with the new floor prior to reaching an all-time high (ATH) expected to hover around the $29,000 – $30,000 range.
Earlier, as reported by Finbold, the cryptocurrency market analyst offered a slightly different perspective, asserting that Bitcoin’s price typically experiences two retests after breaking the 10-week exponential moving average (EMA). BitQuant also emphasized in the same tweet that “in this particular cycle, we are still awaiting the final retest before the price skyrockets to $190,000.”
Per the analyst’s recent prediction, Bitcoin would face no additional barriers in its ascent toward $190,000, a milestone the analyst believes will be reached in 2024. Bitcoin is, at the time of writing, trading at $30,700 after rising around 2% in the last 24-hour period.
Notably some analysts are more bullish. As CryptoGlobe reported Larry Lepard, managing partner at Boston-based investment management firm Equity Management Associates, predicted the end of the dollar era might be the beginning of Bitcoin’s golden age.
His prediction foresees the collapse of the U.S. dollar within the next decade, and BTC would receive a major boost in price from it. Lepard mentioned that as people become more aware of the dollar’s depreciation, they’ll gravitate toward assets like Bitcoin, gold, and property. He pointed out a key advantage Bitcoin has over gold—its limited supply of 21 million coins.
According to Lepard, this scarcity will be central to Bitcoin’s long-term price increase. Expounding on this point, Lepard stated, “If Bitcoin reaches $100,000 tomorrow, no additional Bitcoin will be created.” As more people adopt Bitcoin as a means of preserving wealth, Lepard envisions the cryptocurrency’s price continuing its ascent, potentially reaching milestones of $100,000, followed by $1 million, and ultimately $10 million per coin.
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