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Crypto analyst Tony Severino said so the Bitcoin price approaching the strongest part of the bull run. Based on his analysis, Tony provided insight into how high the flagship crypto could rise as it approaches its peak in this market cycle.
Bitcoin price target for the strongest part of this bull run
Tony revealed in an X-post that Bitcoin price could reach a market top of $133,000 in this bull run. He explained that the BTC lasts 2 months Relative Strength Index (RSI) is approaching 70, which has fueled the strongest part of any previous bull run. In 2012 this led to a price increase of 11,000%. Meanwhile, it led to a price rally of 2,700% and 437% in the 2016 and 2020 bull runs, respectively.
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The analyst noted that each peak in the successive bull run was about 20% of the previous cycle peak. Therefore, 20% of the 437% rally has been recorded in the Bull Run 2021 will set the Bitcoin price at this price target of $133,000. A potential increase towards this target would give those purchasing BTC at the current price level a return of approximately 87%.
Crypto analyst Ali Martinez also suggested buying the Bitcoin price as this level may not be a late entry. In an He added that this golden cross just happened again.
The analyst’s accompanying chart showed that Bitcoin’s price rose 236% the last time this happened. This therefore indicates that despite the recent rally above $73,000, there is still so much upside for the flagship crypto in this market cycle.
BTC could rise to $462,000
Ali Martinez gave a more bullish outlook for the Bitcoin price than Tony on how high the flagship crypto could rise this bull run. In an
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If the Bitcoin price were to follow a similar pattern, Martinez noted that the next BTC top could land between $174,000 and $462,000. Predictions about what could mark the top for Bitcoin in this market cycle continue to vary, although the consensus remains that the flagship crypto exceed $100,000.
Experts like Standard Chartered have even predicted that the Bitcoin price could rise above this $100,000 target this year if Donald Trump wins the US presidential election.
At the time of writing, the Bitcoin price is trading around $72,300, up almost 2% in the past 24 hours according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
