Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Crypto analyst Henrik Zeberg makes an interesting Bitcoin prediction. In a tweet, Zeberg predicts Bitcoin might soar to as high as $180,000. He gives his target range for this prediction to be between $170,000 and $180,000, with the minimum being $115,000.
On a Bitcoin weekly chart, Zeberg highlighted Bitcoin's past cycles and returns from the bottom lows spotted. Taken from the cycle's peak, between 2016 and 2018, Bitcoin saw 95-fold growth.
Drawn from 2019 bottom lows until the peak of the bull run in November 2021, when Bitcoin made out highs of $69,000, BTC saw growth by 16 times.
Zeberg identified a Bitcoin bottom low that occurred toward the end of 2022. Bitcoin has barely increased 1.3 times from this low, significantly behind the estimated 10- to 11-fold growth potential Zeberg highlighted.
Tomiwabold OlajideIf taken from the current price, which has only demonstrated a 1.3-fold growth, a ten-fold increase in the BTC price from cycle lows would be around $313,000.
While Zeberg anticipates a parabolic rise in the price of Bitcoin in the short to medium term, he also predicts that a recession will occur, which could result in risk assets being crushed, but the time is not here yet.
At the time of writing, BTC was down 1.45% in the last 24 hours to $36,280. BTC rose to a yearly high of roughly $38,000 in the past week.
This bounce, however, was short-lived, as the price fell sharply below the $37,000 support level. The BTC price is currently lingering near this level, and a retest is expected soon, with the outcome undetermined.
Short-term traders may continue to book profits, pulling the BTC price toward $34,961. If the BTC price rises substantially and sustains above the $38,000 mark, it might signal the start of a rally to $40,000.
Alex Dovbnya
Godfrey Benjamin
Vladislav Sopov
Dan Burgin