Bitcoin’s Next Target is $200K
2023.01.27 16:01
Bitcoin’s Next Target is $200K
By Tiffany Smith
Budrigannews.com – According to one analyst, Bitcoin (BTC) has “well-formed” evidence that suggests its next all-time high will be $200,000.
The well-known Twitter commentator Trader Tardigrade, also known as Alan, identified $70,000 as the subsequent potential bear market bottom in a tweet on January 27.
The four-year halving cycles of Bitcoin are still a major constraint on BTC price action for many. One “all-time high year” appears every four years in the resulting price pattern, with 2025 coming next.
Alan argues that the path will be open to a massive $200,000 from then on. Bitcoin’s block subsidy halving will occur a year in advance.
An examination of Bitcoin’s stochastic oscillator, which coincides with BTC/USD cycle highs and lows, resulted in that price tag. The indicator is currently printing its most recent trough, and if history is any indication, price behavior will follow suit.
A volatility tool, the stochastic oscillator compares closing prices to historical averages.
Alan concluded with an illustration chart, “Bitcoin well-formed structure with stochastic behavior indicates that the next ATH will be at 200K and next floor will be at 70K.”
When it comes to Bitcoin’s potential in terms of the US dollar in the future, the responses to the post revealed a familiar divergence in opinions.
However, $200,000, which is just 189% higher than the current all-time high set in November 2021, may appear insignificant to some long-time participants in the market.
Long-term volatility will decrease with each cycle, according to consensus, and the scope of BTC investment returns will decrease in percentage terms over time.
PlanB, the analyst in charge of the controversial Stock-to-Flow family of BTC price models, is also optimistic in the current setting.
He believes that the behavior of Bitcoin in January marked a decisive turning point, citing various on-chain metrics as evidence of the recovery.
The realized return, which measures the total profitability of spent coins, is one of the most recent.
“The real return has just gone positive! PlanB remarked on a chart, “Sellers are now taking profit (green) instead of cutting losses (blue).
Based on realized price data, PlanB added this week that the next short-term Bitcoin target should be $32,000.
The views, thoughts, and opinions expressed here are solely those of the authors and do not necessarily reflect those of Budrigannews.
