With Bitcoin Currently, the price of Bitcoin fluctuates between $58,000 and $60,500, so determining the flagship cryptocurrency’s peak in the current bullish trend has been a major challenge. However, one cryptocurrency analyst has shed light on Bitcoin’s current stage, offering an intriguing prediction about the coin’s potential to reach unprecedented heights in the coming months, proving his unwavering confidence in BTC.
Bitcoin’s price could reach $190,000 at its peak
In an X (formerly Twitter) mailWell-known cryptocurrency analyst and trader, Lark Davis, while analyzing the recent Bitcoin price developments, made a bold projection that the crypto asset could reach a peak of $190,000, likely during the next major market surge.
Davis, known for his long-term assessment of the cryptocurrency market, made a bold prediction after spotting the formation of a rainbow pattern on the BTC chart, which is often considered a bullish indicator of a significant rally.
He Bitcoin Rainbow Chart is a charting technique that can determine whether the BTC price is overpriced, correctly valued, or undervalued based on previous price actions. In other words, it is a tool that shows the long-term price movement of Bitcoin on a logarithmic scale.
After examining the rainbow chart, the cryptocurrency expert underlined that Bitcoin is currently in the accumulation zone. Meanwhile, during the last cycle, when the same development occurred, the digital asset experienced a significant rally, peaking in the fear of missing out (FOMO) intensification zone.
Should the same scenario play out in the current bull cycle, Davis anticipates Bitcoin to hit a new all-time high, particularly between the $150,000 and $190,000 price levels in the coming months.
While Davis’ prediction is still a ways off from BTC’s current price, it adds to growing optimism about the coin’s long-term potential as investors look ahead to the next major rally.
Davis’s forecast also aligns with cryptocurrency expert Sensei’s BTC price predictionwho has spotted the same rainbow pattern on the Bitcoin chart. Considering the importance of the chart, Sensei has also set his base price target at the $150,000 level. “$150,000 is the low for this cycle,” he stated.
The analyst’s prediction is part of his expectation of the biggest breakout in BTC history, which could see the value of the underlying asset rising to unprecedented heights today. bullish cycleIf the coin hits the projected $150,000, it would represent an increase of almost 200% from its current trading price.
BTC to reclaim $72,000 mark this month
While Sensei predicts BTC will hit $150,000 in the long term, he has put in Its short-term target price is at the $72,000 threshold, suggesting a significant rebound from the current level. bearish momentum triggered by a broader market decline last Monday.
Following the negative development, Sensei noted that BTC bears have returned and are once again discussing an extended drop to $53,000 and $49,000. However, the expert has since reversed the notion, while predicting that the asset will recover to $72,000 before the close of August.
Featured image from iStock, chart from Tradingview.com
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