After the price of Bitcoin ($BTC) surpassed the $30,000 mark earlier this month, some cryptocurrency analysts have begun anticipating further price increases, with one analyst pointing to a historical chart pattern that implies BTC will surge in the near future.
According to pseudonymous crypto analyst BitQuant, Bitcoin has completed its final pullback before “heading to the moon” and ascending toward $190,000. The new floor prior to attaining an all-time high (ATH) is expected to swing between $29,000 and $30,000.
Previously, as reported by Finbold, the cryptocurrency market analyst offered a slightly different viewpoint, stating that Bitcoin’s price typically retests the 10-week exponential moving average (EMA) twice after breaching it.
According to the analyst’s recent analysis, Bitcoin’s ascension to $190,000, a milestone the analyst believes will be reached in 2024, will encounter no additional obstacles. At the time of writing, Bitcoin is trading at $30,700 after a roughly 2% increase over the past 24 hours.
Some analysts are more bullish than others. According to CryptoGlobe, Larry Lepard, managing partner of Boston-based investment management company Equity Management Associates, believes Bitcoin’s golden age may begin with the demise of the dollar.
According to his forecast, the U.S. dollar will collapse within the next decade, resulting in a significant price increase for Bitcoin. As people become more aware of the dollar’s depreciation, they will gravitate towards Bitcoin, gold, and real estate, according to Lepard. He highlighted Bitcoin’s primary advantage over gold: it’s a limited supply of 21 million coins.
Lepard elaborated on this issue, stating, “If Bitcoin reaches $100,000 by tomorrow, no additional Bitcoins will be created.” As more people adopt Bitcoin as a means of asset preservation, Lepard anticipates that the cryptocurrency’s price will continue to rise, eventually reaching $100,000, $1,000,000, and $10,000,000 per coin.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.