IMPORTANT POINTS:
- While Bitcoin has consolidated below $65,000 and its price is not taking off, one analyst is projecting an exorbitant gain.
- Crypto user TradingShot believes that BTC is preparing for a notable breakout, due to comparing historical movements.
- The expert’s target price is $300,000, which implies a potential profit of 360%. However, he did not state when this jump would occur.
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Bitcoin has stagnated in recent weeks and negative inflation data in the United States caused its price to consolidate below USD 65,000.
Despite crypto market concerns, trader TradingShot made a comparison of historical Bitcoin moves that suggest BTC is preparing for a “notable breakout.”
The expert used the Mayer Multiple (MM) mean to hold, a metric used to evaluate the current price of BTC relative to its historical moving average, and determined that the next bull cycle will send the leading cryptocurrency towards $300,000.
The pattern signals important bullish movements after consolidation phases. In July 2013, for example, the MM average was marginally exceeded and rose significantly.
In parallel, TradingShot introduced Fibonacci extensions to project potential price trajectories. That determined an increase of 360%.
“This is the point where historically the most aggressive part of the bull cycle begins, as even on the occasions where the MA broke marginally (July 2013), the rebound that followed was even more impressive and strong. “Unrealistic or not, that gives us a projection of $300,000,”TradingShot.
Many analysts projected that BTC would skyrocket after the halving, something that has not yet happened. In any case, historical data indicates that after the halving, the price takes off.
The price of Bitcoin
BTC encountered stiff resistance at $65,000, with support near $60,000.
At the time of writing, the cryptocurrency was down 1% in the last 24 hours to $63.5000. In addition, it accumulates a weekly loss of 1.5% although a gain of 50.3% so far in 2024.
