- $100,000 has always been the target for Bitcoin.
- Analyst explains how BTC can still hit this bull target.
- Can the price of BTC surge to this target this year?
The crypto community continues to see bullish potential as the bull market enters its early bull run phase. Even since the price of BTC blew past several resistance levels to reclaim higher price targets close to the $80,000 price range, analysts were pleased to see BTC gaining closer to the $100,000 price range. One analyst says that $200,000 has always been the target for Bitcoin.
$200,000 Has Always Been the Target for Bitcoin
The month of August was an exciting turning point for the crypto community. As many were expecting the prices of crypto assets to continue to drop and set a bear market bottom over the next few months, we saw the opposite play out instead. Only one analyst, known for his many accurate predictions yet, predicted that the price of BTC will bottom in $40,000, only to reassess the market and announce that $54,000 would be the bottom.
Since then, the analyst and trader went on to accumulate BTC between the $54,000 and $64,000 price range. In addition, he also bought a lot more Ethereum (ETH) over BTC this cycle, stating that he expects ETH to outperform BTC this year. To highlight, the expert said that for the first time ever he is holding 60% of his portfolio in ETH as opposed to his previous 60% BTC holdings. This shows strong conviction in ETH for the coming cycle.
If this outcome comes true, it is not only ETH that could pull a magnificent pump over the coming bull market phase, but also other prominent altcoins. Already with the total altcoin price chart printing multi-year-long bullish indicators, alongside the many bullish altcoins printing bullish signals across their respective price charts, all point to promising pump action for the entire altcoin market.
Analyst Explain How BTC Can Hit This Bull Target Soon
While expectations are high for both Bitcoin and altcoins at the moment, some analysts and experts draw attention to the 5-year super cycle theory, where many financial experts stated that liquidity would flow in surplus this year leading to massive price spikes across the crypto market, starting with BTC hitting much higher ATH prices that so as far as the $200,000 price range, perhaps even greater.
As we can see from the post above, this reputed crypto analyst says that the BTC price chart has always been pointing to the $200,000 price target. The analyst concludes by saying that the market structure has no emotions and does not react to fear or opinions, unlike humans. Instead, it just follows the pattern, and right now, that pattern keeps flashing one number: $200,000, a level the market may be moving toward, and could arrive sooner than expected.
