In a recent revelation, a renowned cryptocurrency trader known as the Titan of Crypto unveiled a bullish prediction for Bitcoin’s next market cycle. Drawing insights from a meticulous analysis of BTC’s historical price movements, the trader outlined a potential price target for the impending cycle’s zenith.
According to Titan’s estimations, Bitcoin could surge to an astonishing $137,000, with this pinnacle anticipated to materialize in August of 2024. As of the latest update, the cryptocurrency juggernaut was changing hands at $27,900.35. Over the past 24 hours, it demonstrated a modest uptick of 0.17%.
In a resounding display of strength, Bitcoin’s value ascended by over 3% in the past week alone. Moreover, the preceding month saw the cryptocurrency monarch achieve an impressive 6.57% surge on the monthly time scale.
Bitcoin’s Downturn To Upswing Journey
Bitcoin (BTC) experienced a notable downturn, with its 24-hour trading volume plummeting by over 48%. This decline culminated in a total volume of $6,951,099,043. The Titan of Crypto’s optimistic prognosis for BTC pegged at $137K, hinges on a substantial 59% upswing from its previous all-time zenith of $68,789.36, reached in November 2021.
The current market landscape witnessed Bitcoin’s spirited attempt to breach the $27,915 resistance threshold. If successfully closing a daily candle above this critical juncture within 48 hours, BTC may set its sights on the next pivotal level at $29,210 in the ensuing fortnight.
However, the inability to achieve a daily candle closure above $27,915 could disturb the positive sentiment. In this less optimistic scenario, the cryptocurrency’s price might gravitate towards retesting the immediate support at $26,915 for the subsequent week.
Despite the potential pitfalls, Bitcoin currently finds itself within the confines of a constructive medium-term price channel. This encouraging pattern suggests that the cryptocurrency’s value may witness an upswing in the forthcoming days, an evolution following a sequence of higher lows and higher highs in recent weeks.