- Bitcoin (BTC) has been predicted to enter the $100k zone following the recent release of the Consumer Price Index (CPI) with the Producer Price Index (PPI) also expected soon.
- Ali Martinez has predicted that Bitcoin could hit the $255k price point in this cycle based on the formation of a “cup” and “handle” pattern that started in 2022.
Bitcoin (BTC) strongly holds its position above $90k after hitting an all-time high price of $93k on November 13. Meanwhile, market data suggest that the 24-hour volume remains 18% up with $119 billion changing hands at press time.
According to analysts, this significant upsurge and bullish sentiment was triggered by the latest United States inflation data. Based on our research, the Consumer Price Index (CPI) has fallen in line with the expected rate of 2.6%. Traders also continue to bet on a potential rate cut in December with data from CME Group’s FedWatch Tool disclosing that the chance for this to happen is around 80%.
Commenting on this, founder of hedge fund Lekker Capital Quinn Thompson has disclosed that this could be a massive catalyst to fuel Bitcoin’s growth to $100k. Similarly, analyst Michaël van de Poppe highlighted that the upcoming data on the Producer Price Index (PPI) could set the asset to a renewed bullish momentum.
Meanwhile, a renowned crypto trader identified as Skew has disclosed that $95k could be the key supply zone based on the exchange order book liquidity.
CryptoQuant Predicts $200k for Bitcoin
Subjecting a CryptoQuant blog post to a comprehensive review, we discovered that the bull market is far from over as Bitcoin has been estimated to peak between $180,000 and $200,000.
Two months ago I highlighted that the peak in March of this year was not the all-time high for the ongoing Bitcoin cycle. This perspective stood in stark contrast to the prevailing views of many Bitcoin analysts and professionals within traditional finance, who confidently stated that the $73,000 peak marked the top of the current Bitcoin cycle. However, my proprietary 0nchained Top/Bottom Index, a unique indicator I’ve meticulously developed, showed a different picture.
Using an indicator that has demonstrated precision in identifying Bitcoin’s cyclical top and bottom, Top/Bottom Index, the analyst disclosed that the reading has dropped to the level recorded when the asset hit the $73,000 price point back in March.
According to him, this implies that Bitcoin has more room to surge. Based on the below chart, the top would be reached only when the indicator reaches between the 0 to 0.09 range. At press time, the Top/Bottom Index was around 0.27.
Another Analyst Observes Bullish Formation
Confirming this position, analyst Ali Martinez has noticed a bullish pattern that suggests a further upward momentum. According to him, the asset is forming a Cup and Handle pattern, indicating a bullish continuation.
Explaining this further, Martinez pointed out that the rounded base (cup phase) started in the middle of 2022 and continued to early 2023 when the asset had bottomed at $15,000. However, the bullish reversal to $73,750 this year initiated the consolidation phase where the handle of the pattern was formed.
According to Martinez, Bitcoin could peak at $255k, aligning with the measured Fibonacci projection near the 2.272 level. Fascinatingly, this aligns with expert Guy Armoni’s prediction reported by CNF.
Meanwhile, the $100k zone has been labeled as the psychological level where buyers and sellers could contest for supremacy.
Recommended for you:
Credit: Source link
