Bitcoin

April

Bubble

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 <p class="paragraph">Bitcoin (BTC) is once again trading above the $70,000 mark after avoiding dropping below $60,000. With the ongoing resurgence, investor attention remains fixated on whether BTC will rally and achieve another record high before the April halving event.</p>
 <p class="paragraph">Indeed, a significant portion of market attention is focused on Bitcoin’s ability to hit a six-figure mark, and crypto analyst <em>TradingShot</em> believes the maiden digital asset has a strong chance in the <a rel="noopener noreferrer nofollow" title="current" href="https://thebittimes.com/tag/current.html">current</a> <a rel="noopener noreferrer nofollow" title="cycle" href="https://thebittimes.com/tag/cycle.html">cycle</a>.</p>
 <p class="paragraph">In a <em>TradingView</em> post on March 28, the analyst suggested that the asset has the potential to reach $200,000, despite experiencing a two-week consolidation period after surpassing its previous all-time high.</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="574" src="https://cdn.thebittimes.com/images/2024/03/28/e22054d6817b61406ae1bebbd25ad9f8.webp" alt class="wp-image-164332" srcset="https://cdn.thebittimes.com/images/2024/03/28/e22054d6817b61406ae1bebbd25ad9f8.webp 1024w, https://cdn.thebittimes.com/images/2024/03/28/e22054d6817b61406ae1bebbd25ad9f8.webp 300w, https://cdn.thebittimes.com/images/2024/03/28/e22054d6817b61406ae1bebbd25ad9f8.webp 768w, https://cdn.thebittimes.com/images/2024/03/28/e22054d6817b61406ae1bebbd25ad9f8.webp 1081w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> chart. Source: TradingView/TradingShot</em>
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 <p class="paragraph">In his view, Bitcoin has exhibited remarkable resilience, echoing a pattern observed during its previous <a rel="noopener noreferrer nofollow" title="cycle" href="https://thebittimes.com/tag/cycle.html">cycle</a> in November 2020 where it similarly underwent a three-week sideways trading phase following its ATH breakthrough. Some of the similarities emerge in the price movements and technical indicators, particularly on the weekly Commodity Channel Index (CCI).&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-next-targets-nbsp">Bitcoin’s next targets&nbsp;</h2>
 <p class="paragraph">These resemblances reinforce the notion that Bitcoin has exhibited a consistent pattern of a “Channel Up” over the past seven years, with Fibonacci retracement levels providing insights into the symmetry of its trends.</p>
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  <p class="paragraph">“As a result, we are expecting a parabolic rally to break-out soon, with a first Target on the 1.618 Fib at $180,000. If the same “Double Top” formation is followed, we can even see a Blow-off Top as high as $200,000,” he said.&nbsp;</p>
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 <p class="paragraph">However, he cautioned that the targets remain below the 0.786 Fibonacci level of the channel. While a conservative estimate places Bitcoin’s peak during this <a rel="noopener noreferrer nofollow" title="cycle" href="https://thebittimes.com/tag/cycle.html">cycle</a> at $200,000, adhering to the standard higher high pattern of channel ups could see prices surge even further, potentially reaching $300,000.</p>
 <p class="paragraph">It is worth noting that after days of ascent, Bitcoin reached a weekly peak of nearly $71,200 before consolidating its gains. This trajectory in price followed a notable shift as spot Bitcoin exchange-traded funds (ETFs) concluded a five-day streak of outflows.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp">Bitcoin price analysis&nbsp;</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $70,612 with 24-hour gains of almost 1%. Over the past week, BTC is up 5%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="931" height="655" src="https://cdn.thebittimes.com/images/2024/03/28/3b961e2c7e35cce3b2d18c614eafecfa.webp" alt class="wp-image-164333" srcset="https://cdn.thebittimes.com/images/2024/03/28/3b961e2c7e35cce3b2d18c614eafecfa.webp 931w, https://cdn.thebittimes.com/images/2024/03/28/3b961e2c7e35cce3b2d18c614eafecfa.webp 300w, https://cdn.thebittimes.com/images/2024/03/28/3b961e2c7e35cce3b2d18c614eafecfa.webp 768w" sizes="(max-width: 931px) 100vw, 931px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">In the meantime, there is no doubt that Bitcoin has exhibited resilience after retracting in what the market observed as a ‘pre-halving retrace’. However, the asset now faces formidable challenges in retaining its valuation above $70,000.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-bitcoin-is-lining-up-to-hit-200k-during-current-cycle-tbt83791.html">https://thebittimes.com/why-bitcoin-is-lining-up-to-hit-200k-during-current-cycle-tbt83791.html</a></p>

Why Bitcoin is lining up to hit $200k during current cycle

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