Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The Highest BTC Can Go?
November 07 2024 - 8:00PM
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Analyst Tony Severino has revealed that the Bitcoin price currently
has a ceiling of $137,000. This has raised questions about whether
this is the highest point that the flagship crypto can reach in
this market cycle, and the analyst also provided some
answers. Bitcoin Price Ceiling Is At $137,000 Tony Severino
mentioned in an X post that the current ceiling for the Bitcoin
price is $137,000, while its floor is around $39,000. He noted that
investors could double their investments from Bitcoin’s current
price if the crypto reached this target. Meanwhile, a decline to
the current floor represents a 50% drop. Related Reading:
Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here
Again? When asked if the $137,000 was the target for the bull top,
the analyst responded that his target was between $160,000 and
$180,000. He remarked that $137,000 is just the ceiling as of this
month and rises as time goes by. As such, his $180,000 market top
target could become more feasible in the next few months.
While it remains to be seen whether the Bitcoin price could reach
this $137,000 ceiling or even the $180,000 bull top target, it is
almost certain that the flagship crypto might never drop to the
$39,000 floor again. This is based on historical trends that show
that Bitcoin never falls below its pre-election level after the US
presidential elections have concluded. Therefore, the next
leg of the bull run has likely begun, and the flagship crypto will
likely continue to hit new highs in the coming months. In an X
post, crypto analyst Jelle revealed that the Bitcoin price has
resumed its uptrend after seven months of sideways action. He added
that it shouldn’t be long before the falling wedge pattern on
Bitcoin’s chart plays with a rise to $100,000, the potential
target. The Most Bullish Background For Bitcoin At The Moment
Crypto analyst CrediBULL, who had before now been bearish, said
that this could arguably be the most bullish background for
Bitcoin, with the elections over and Donald Trump’s victory. He
added that if these are the fundamentals driving the market, then
the Bitcoin price is unlikely to drop to $68,000 again.
Related Reading: Shiba Inu Burn Rate Ignites 3,674% On Election
Day, Will SHIB Move With Dogecoin Price To New ATH? He also
suggested that this might be the perfect time to become bullish on
the Bitcoin price as the run to $100,000 might have begun. However,
he warned that any violations of the $68,700 level would
“drastically” weaken the bullish argument and strengthen the bear
case further. Analyst Justin Bennett also commented on the
potential Bitcoin price rally to $100,000. He said that if risk
assets can survive the Fed’s FOMC meeting today, this could be the
move to $100,000 everyone has waited for. At the time of
writing, the Bitcoin price is trading at around $74,800, up in the
last 24 hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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