One cryptocurrency analyst was named “Trading shot” On TradingView, a platform for analyzing financial markets published a forecast that the price of Bitcoin will rise to more than $300,000.
In an analysis of historical Bitcoin price data from 2012 to 2024, TradingShot notes that the Bitcoin price was able to pass the test and remain above average on so-called technical indicators. “Multi-Meyer(mm)” Now he is in the resting stage.
The Mayer Multiple (MM) is a technical indicator that calculates the ratio between the current price and the 200-day moving average (MA), and is used to evaluate whether Bitcoin is undervalued. (Undervalued) It is evaluated as overbought or has a reasonable price
TradingShot uses a Bitcoin price chart with a green arrow to indicate the beginning of a more intense bull cycle. These green stocks appeared in 2013, 2017, and 2021, the years after Bitcoin's halving.
In addition, this analysis is based on applying Fibonacci extensions from past sessions. By measuring the Fibonacci expansion from the lowest point to the highest point on average, MM TradingShot has discovered clear patterns along with the evolution of Bitcoin price cycles.
The analysis shows that in the first cycle, the price rose to a level just above Fibonacci 2.0. In the second cycle, prices rose to twice the Fibonacci extension of the first cycle at 4.0, as well as the third cycle where prices rose second round at the 6.0 level.
Applying this pattern to the 2024 Bitcoin cycle, analysts expect that the fourth cycle may also see a doubling. The price will reach the Fibonacci 8.0 extension level. According to this prediction, Bitcoin price may rise to $300,000, and this is just a prediction.
TradingShot confirmed that its predictions were based on technical data. This is based on precise measurements from the highest point to the lowest point in the previous cycle. From the moment Bitcoin touched the MM average, it also revealed that every time the price drops a little below the MM average, Bitcoin manages to recover strongly.
Despite this analyst's relatively optimistic outlook on Bitcoin's future, the cryptocurrency's price has fallen significantly in recent days. It decreased by about 11.16% over the past month.
Resulting in Michael van de Poppe Another crypto analyst there are some somewhat negative forecasts for the price of Bitcoin, as the price is expected to fall further, and Bob noted that the meeting of the Federal Open Market Committee, or FOMC as it is known, on Wednesday, May 1, is likely to happen. It will remain an important factor affecting the market direction. This makes market players reevaluate the situation.
He also revealed that investors may adjust their investment portfolios before the meeting, in the hope that the Federal Open Market Committee will indicate an interest rate cut in the future.
source: bitcoinist
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