Bitcoin: bears in the short term, super-bulls – in the long term

Despite the 82 percent drop in the valuation of the crypto market in the past year and the inability of bitcoin to recover beyond $4,000 in the past three months, one analyst sees the dominant cryptocurrency surpassing $150,000 by 2023.

Josh Rager, a cryptocurrency technical analyst and investor, said that based on the price trend of bitcoin since 2011 and the pattern of bitcoin rebounding from a correction following an all-time high, he sees bitcoin achieving a new peak price in 2,051 days, by 2023.

The long-term projection of Rager is particularly more notable because he has expressed his bearish view on the near-term price trend of bitcoin. Many traders and technical analyst have similarly said in recent weeks that bitcoin could avoid a potential drop to its support level at $3,500 if it can sustain its momentum in the $4,000 region.

In the past three months, bitcoin has continuously tried to break out of the $4,200 resistance level, which is widely considered to be a key level for the asset to climb to meaningful ranges above $5,000 but has failed at every attempt. On February 24, for instance, bitcoin did break out of $4,200 by achieving a price of $4,206 but failed to hold it and almost immediately fell to $3,700.

Rager noted this week that if bitcoin can breach $4,200 and hold above the key level, it will be able to prevent a further drop below the $4,000 mark and maintain its momentum throughout the months to come. On Monday, bitcoin pushed through a $22 million sell wall to surpass $4,100 and for it to move past the anticipated $4,200 resistance level, it would need to push through another $30 million in sell orders. One technical analyst said that the market absorbing stacked sell orders at $4,100 in a short time frame could push the asset towards $4,300.

Bitcoin Price Could Blitz Beyond $150,000 During Next Bull Cycle in 2023, CCN, Apr 01

Source: FxPro