BitcoinPrice Analysis

Analyst Predicts 6-Digit For BTC Price ! Here’s when Bitcoin Will Hit $250k

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BTC has had a strong week, breaking over a key downtrend line and the September high of $52.9k. It managed to record an intraweek high of $56.1k, plunging deeper into the technical and on-chain resistance zone of $55k to $58k.

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Near-term technicals, have reached somewhat overbought levels, implying that a consolidation or minor retreat is required before the next major rise. BTC is currently trading above the September high of $52.9k, which is a critical mark. To extend the breakout and validate the bear trap, Bitcoin has to close above it on a weekly basis.

A weekly close over $52.9k is a strong bullish signal, increasing the chances of a retest of the $55k to $58k resistance zone. The more resistance is challenged, the weaker it becomes, increasing the likelihood of a break over resistance if sufficient buyers enter the market.

BTC Price to hit 6 figures soon!

Bitcoin (BTC) is expected to attain a six-figure price in the current bullish cycle, according to cryptocurrency analyst Michaal van de Poppe.

Bitcoin’s current support is around the $49,800 to $51,000 level, according to the crypto analyst, after the flagship crypto asset broke above the $55,000 price for the first time since May.

In case of a correction, Bitcoin could plummet to between $40,000 and $44,000, according to Van de Poppe.

Van de Poppe, on the other hand, believes that Bitcoin will range before breaching over the current record high of $64,804.

“So we get some sideways action, get to watch the all-time high… And then we probably assume that we’re going to get towards $250,000 or higher.”

Bitcoin, according to the cryptocurrency researcher, is expected to repeat a previous pattern, in which BTC rose from roughly $15,000 to just over $63,000 before perhaps reaching a new all-time high of at least $250,000.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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