With Bitcoin currently fluctuating around the $58,000 and $60,500 levels, determining the flagship cryptocurrency asset’s peak in the ongoing bull run has been a major challenge. However, a crypto analyst has shed light on the current stage of Bitcoin, offering an intriguing prediction about the coin’s potential to hit unprecedented heights in the upcoming months, demonstrating his unwavering trust in BTC.
Bitcoin’s Peak Could Hit $190,000
In an X (formerly Twitter) post, well-known cryptocurrency analyst and trader, Lark Davis delving into recent price developments of Bitcoin made a bold projection that the crypto asset might reach a peak of $190,000, probably during the next major market surge.
Davis known for his perspective evaluation of the crypto market, made the daring forecast after spotting a Rainbow pattern formation on the chart of BTC, which is often regarded as a bullish indicator for a significant rally.
The Bitcoin Rainbow Chart is a technique for charting that can determine if BTC is overpriced, properly valued, or undervalued based on past price actions. In other words, it is a tool that shows the long-term price movement of BTC on a logarithmic scale.
After examining the rainbow chart, the crypto expert underlined that Bitcoin is presently in the accumulation zone. Meanwhile, during the last cycle when the same development took place, the digital asset saw a major rally, topping out in the Fear Of Missing Out (FOMO) intensifies zone.
In the event that the same scenario occurs in the ongoing bull cycle, Davis anticipates Bitcoin to reach a new all-time high, particularly between the $150,000 and $190,000 price levels in the upcoming months.
Although Davis’ prediction is still a bit far off from the current price of BTC, it adds to the growing optimism about the coin’s long-term potential as investors look ahead to the next major rally.
Davis forecast also aligns with crypto expert Sensei’s BTC’s price prediction, who has spotted the same rainbow pattern on Bitcoin’s chart. Considering the significance of the chart, Sensei has also set his base price target at the $150,000 level. “$150,000 is the minimum for this cycle,” he stated.
The analyst’s prediction is part of his expectation of the biggest breakout ever for BTC, which could see the value of the underlying asset rising to unprecedented heights in the current bull cycle. Should the coin reach the anticipated $150,000, it represents a nearly 200% increase from its present trading price.
BTC To Recover $72,000 Mark This Month
While Sensei predicts BTC to reach $150,000 in the long term, he has placed his short-term price target at the $72,000 threshold, suggesting a significant rebound from the current bearish momentum triggered by a broader market crash last Monday.
Following the negative development, Sensei noted that BTC bears have returned and are once again discussing an extended drop to $53,000 and $49,000. However, the expert has overturned the notion, while forecasting that the asset will recover to $72,000 before August closes.
Featured image from iStock, chart from Tradingview.com
Source: https://bitcoinist.com/analyst-foresees-bitcoin-topping-out-at-190000/