Based

2024

Bitcoin

April

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) remains stuck in familiar territory, consolidating below the $65,000 threshold, with its next directional move yet to materialize as uncertainty lingers.&nbsp;</p>
 <p class="paragraph">However, in a <em>TradingView</em> post on April 25, cryptocurrency trading expert <em>TradingShot</em> posits that Bitcoin is poised for a noteworthy breakout, drawing insights from its historical price actions.</p>
 <p class="paragraph">According to the expert, Bitcoin could be preparing for its most aggressive price movement yet, with a staggering target of $300,000. The analysis highlighted Bitcoin’s successful test and retention of the Mayer Multiple (MM) mean, a metric used to assess the current price of BTC relative to its historical moving average.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">The expert noted that this consolidation phase often marks the onset of the most vigorous part of the bull cycle, historically leading to substantial price surges.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="572" src="https://cdn.thebittimes.com/images/2024/04/26/793bd035041a372465a628a3c13286bd.webp" alt class="wp-image-171881" srcset="https://cdn.thebittimes.com/images/2024/04/26/793bd035041a372465a628a3c13286bd.webp 1024w, https://cdn.thebittimes.com/images/2024/04/26/793bd035041a372465a628a3c13286bd.webp 300w, https://cdn.thebittimes.com/images/2024/04/26/793bd035041a372465a628a3c13286bd.webp 768w, https://cdn.thebittimes.com/images/2024/04/26/793bd035041a372465a628a3c13286bd.webp 1091w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/ TradingShot</em>
  </figcaption>
 </figure>
 <p class="paragraph">Notably, chart indicators reveal a compelling pattern, denoting significant bullish <a rel="noopener noreferrer nofollow" title="movement" href="https://thebittimes.com/tag/movement.html">movement</a>s following similar consolidation phases in the past. Even in instances where the MM mean was marginally breached, such as in July 2013, the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> noted that subsequent rebounds were notably robust and impressive.</p>
 <p class="paragraph">Delving deeper into the analysis, <em>TradingShot</em> introduced Fibonacci extensions to project potential price trajectories. A clear progression emerges across Bitcoin’s historical cycles by measuring these extensions from the MM mean’s low to the preceding High.&nbsp;</p>
 <p class="paragraph">Each cycle peak has surpassed the Fibonacci extension of the prior cycle, suggesting a pattern of exponential growth.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-360-growth-nbsp">Bitcoin’s 360% growth&nbsp;</h2>
 <p class="paragraph">Based on this <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, <em>TradingShot</em> suggested that the upcoming cycle four could follow a similar pattern, potentially extending by two Fibonacci levels beyond the previous cycle. Applying this projection to current trends, a <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $300,000 emerges, representing a substantial leap from current levels. The <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> represents a growth of over 360%.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“This is the point where historically the most aggressive part of the Bull Cycle begins, as even in the occasions where the MM Mean broke marginally (July 2013), the rebound that followed was even more impressive and strong.&lt;…&gt; Unrealistic or not, that gives us a $300000 projection,” the expert projected.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Indeed, the possibility of a rally could signal Bitcoin’s post-halving trend, which has historically favored cryptocurrency. However, current indications suggest that Bitcoin has yet to fully experience the impact of this event, with some market participants anticipating further correction.&nbsp;</p>
 <p class="paragraph">For example, according to Finbold’s report, analysts project a potential correction for Bitcoin to approximately $40,000 or below, supported by technical indicators signaling a sell-off for the leading cryptocurrency.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Bitcoin is encountering formidable resistance at the $65,000 mark, a breach that bears considerable significance for the cryptocurrency. On the other hand, a breach of the $60,000 support level may initiate sustained selling pressure on Bitcoin.</p>
 <p class="paragraph">By press time, Bitcoin was trading at $64,300, reflecting a daily gain of nearly 1%. However, on the weekly chart, Bitcoin registers a decline of 0.67%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/26/b817ff15f35808e8f212fc0caa2094a9.webp" alt class="wp-image-171880" srcset="https://cdn.thebittimes.com/images/2024/04/26/b817ff15f35808e8f212fc0caa2094a9.webp 675w, https://cdn.thebittimes.com/images/2024/04/26/b817ff15f35808e8f212fc0caa2094a9.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, Bitcoin’s next price action remains in the hands of both bears bulls and who will emerge top.&nbsp;</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.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-set-for-most-aggressive-price-movement-targets-300k-tbt86650.html">https://thebittimes.com/bitcoin-set-for-most-aggressive-price-movement-targets-300k-tbt86650.html</a></p>

Bitcoin set for most aggressive price movement, targets $300k

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