Bitrabo Editorial
Bitcoin’s current price fluctuations between $58,000 and $60,500 have made it challenging to predict the cryptocurrency’s peak in the current bull run. Nevertheless, a crypto analyst has shared insights into Bitcoin’s current state, projecting that the digital currency could soar to unprecedented levels in the coming months, displaying strong confidence in BTC.
Prediction of Bitcoin’s Potential Peak at $190,000
In a recent post on X (formerly Twitter), renowned cryptocurrency analyst and trader Lark Davis discussed Bitcoin’s recent price movements and boldly predicted that the cryptocurrency could surge to a peak of $190,000, potentially in the next significant market rally.
Davis, known for his insightful analysis of the crypto market, made this forecast after identifying a Rainbow pattern formation on the BTC chart, typically signaling a bullish trend for a substantial price surge.
The Bitcoin Rainbow Chart is a tool used to gauge whether BTC is overpriced, undervalued, or appropriately valued based on historical price movements, offering a view of Bitcoin’s long-term price trajectory on a logarithmic scale.
Upon analyzing the rainbow chart, the crypto expert emphasized that Bitcoin is currently in the accumulation phase. In past cycles when a similar pattern emerged, Bitcoin experienced a major rally, reaching its peak in the Fear Of Missing Out (FOMO) zone.
If this pattern repeats in the ongoing bull cycle, Davis anticipates Bitcoin to establish a new all-time high, likely ranging between $150,000 and $190,000 in the coming months, promoting optimism among investors regarding the digital asset’s long-term potential.
This projection also aligns with another crypto analyst, Sensei, who has identified the same rainbow pattern on Bitcoin’s chart and set a base price target of $150,000 for BTC in this cycle, emphasizing the potential for a significant breakout in the digital currency’s value.
Should Bitcoin reach the envisioned $150,000 price point, it would signify an almost 200% surge from its current trading value, reinforcing expectations for a substantial rally in the current bull market cycle.
Anticipated Recovery to $72,000 by BTC
While Sensei foresees Bitcoin hitting $150,000 in the long term, he has set a short-term price target of $72,000, predicting a notable rebound from the recent market dip triggered by a broader crash earlier this week.
Despite concerns raised by BTC bears regarding a potential decline to $53,000 or $49,000, Sensei has dismissed such notions, projecting that Bitcoin will bounce back to $72,000 before the end of August, showcasing a positive outlook amid the current bearish sentiments.