Bitcoin Price At $245,000? Heres When You Should Be Expecting It
Considering Bitcoins steady bullish momentum following Donald Trumps win in the US Presidential elections, a crypto analyst believes that continuing this upward trend could see the Bitcoin price hit $245,000 this cycle. The analyst has provided the timeline for this mega price leap, utilizing logarithmic chart patterns and historical data to back his optimistic projection.
When Bitcoin Price Will Hit $245,000
TradingView crypto analyst Behdark has released a report that provides a technical overview of the recent Bitcoin price trends and potential future movements. This detailed analysis is based on a two-week (2W) time frame on a chart that presents complete data on the Bitcoin price action.
Looking at the Bitcoin chart, Behdark highlighted that the pioneer cryptocurrency was moving within a valid price channel, where the midline and resistance trend lines of the channel are drawn from previous highs. These trendlines point to a potential price target between $245,000 and $250,000 by 2025.
The analyst acknowledged that he had previously set a mediumto long-term price target of $169,000 for Bitcoin, but has modified his projection to $245,000. At the time of writing, Bitcoin is trading at $95,107, marking a slight 2.18% decline in the last 24 hours. If the cryptocurrency increases to $245,000, it would represent a massive 157% price surge from its current value.
Behdarks optimistic projections of Bitcoin are based on analysis from logarithmic charts and price channels, which are particularly useful in analysing cryptocurrencies. These charts help identify sustainable market trends for a cryptocurrency over mediumto long-term periods.
Moving forward, the analyst revealed that Bitcoin has successfully broken and surpassed critical resistance levels between the $77,000 and $78,000 range, indicating a shift in market sentiment. This previous resistance range has now transitioned into a price floor, which will act as a support level for Bitcoin.
If Bitcoins price drops, Behdark has revealed that the cryptocurrency will likely retest this broken resistance level. Moreover, the Bitcoin price action is exhibiting a Chicago Mercantile Exchange (CME) gap of around $77,000, which, if filled, could reinforce bullish sentiment and reactivate Bitcoins upward momentum.
Trump Presidency To Influence Crypto Market
In his Bitcoin price analysis, Behdark also indicated that a Trump presidency could significantly influence Bitcoins future trajectory. The analyst noted that Trumps support for cryptocurrencies and his upcoming four-year Presidential regime could have a favorable impact on the crypto market.
Behdark believes that favorable political conditions could boost the adoption of cryptocurrencies and significantly trigger a sharp increase in the market capitalization of digital assets like Bitcoin. He further suggested that there would be considerable profit-making, but investors should be mindful and patient regarding risk management during his bull cycle.
Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-price-at-245000/
Text source: NewsBTC
