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Bitcoin to $300k & Altseason Incoming? Analysts Weigh In

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As Bitcoin continues to consolidate below its all-time high, analysts and traders are divided on the cryptocurrency’s potential trajectory. While some suggest that the bull cycle may have already peaked, others predict a surge to new heights, with price targets ranging from $120,000 to a staggering $300,000.


TLDR

  • A technical analyst has projected a potential $300,000 price target for Bitcoin, based on historical patterns and Fibonacci extensions.
  • The analyst suggests that Bitcoin is approaching the point where historically the most aggressive part of the bull cycle begins.
  • A crypto trader sees the best “altseason” since 2017 on the horizon, as Bitcoin’s price cools and Tether’s dominance wanes.
  • Veteran trader Peter Brandt suggests a slight chance that Bitcoin may have already reached its cycle peak at $70,000, based on an “exponential decay” pattern.
  • Other analysts and price models, such as the power law trend, predict significantly higher cycle peaks for Bitcoin, ranging from $120,000 to $210,000.

A recent analysis by Tradingshot, a popular contributor on Tradingview, has caught the attention of the crypto community.

Using the Mayer Multiple Mean, a technical indicator that compares Bitcoin’s current price to its 200-day moving average, the analyst suggests that Bitcoin is approaching a critical juncture.

Historically, this point has marked the beginning of the most aggressive phase of the bull cycle.

By examining previous cycles and applying Fibonacci extensions, Tradingshot projects a potential price target of $300,000 for Bitcoin.

While acknowledging the inherent uncertainty in such predictions, the analyst maintains that the projection is “undeniably technical,” as it is based on precise measurements taken at the time Bitcoin touched the Mayer Multiple Mean.

Other traders are eyeing the altcoin market for potential gains. Moustache, a well-known trader and commentator, believes that the largest “altseason” since 2017 is on the horizon.

As Bitcoin’s price cools and the dominance of Tether (USDT) wanes, altcoins are poised for a significant boost. Moustache points to the monthly dominance chart for USDT, which has broken below a rising trendline this year, as a key indicator of the impending altcoin rally.

#Altcoins

This is just a backtest imo.

-USDT Dominance broke through a trendline that had been intact for almost 6 YEARS.
-MACD is showing very strong bearish momentum

When USDT.D goes down, Altcoins go up.✅

Biggest Altseason since 2017 is loading imo.

Patience.???? pic.twitter.com/RXR9XLjDjI

— ????????????????????????????ⓗ???? ???? (@el_crypto_prof) April 27, 2024

However, not all analysts share the same optimism. Veteran trader Peter Brandt has proposed an alternative theory, suggesting that Bitcoin may have already reached its peak this cycle at around $70,000.

Brandt’s “exponential decay” pattern indicates that each successive bull market cycle has a peak price of only about 20% of the previous cycle’s peak gain. Based on this pattern, he estimates the current cycle’s top to be around $70,000, a level Bitcoin already reached in March.

Does history make a case that Bitcoin has topped?

Judge for yourself.

It is called Exponential Decay. Read about it here.https://t.co/r1q5k9HA0n

Would love to hear your thoughts about this pic.twitter.com/ql79gqK6rc

— Peter Brandt (@PeterLBrandt) April 26, 2024

Despite Brandt’s theory, many other price models and predictions suggest that Bitcoin is far from its cycle peak. Giovanni Santostasi, CEO and director of research at Quantonomy, rebutted Brandt’s exponential decay theory with a power law trend analysis. Santostasi’s model predicts a fourth cycle peak around December 2025, with Bitcoin potentially reaching $210,000.

Other analysts and industry experts have also weighed in on Bitcoin’s potential. Swyftx lead analyst Pav Hundal expects Bitcoin to at least double by the next halving in 2028, estimating a price of around $120,000.

Laurent Benayoun, CEO of Acheron Trading and an expert in quantitative trading strategies, anticipates a potential cycle top of $180,000.

The post Bitcoin to $300k & Altseason Incoming? Analysts Weigh In appeared first on Blockonomi.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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