When does Bitcoin reach $150,000? Analyst said that it is in the next cycle

Although the valuation of the encryption market has fallen by 82% in the past year, and Bitcoin has not recovered to more than $4,000 in the past three months (until recently), one analyst predicts that by 2023, Bitcoin will More than $150,000.

Josh Rager, a cryptocurrency technology analyst and investor, said that based on the price movements of Bitcoin since 2011 and the pattern of bitcoin rebounding from the historical highs, he believes Bitcoin is Within 2051, that is, before 2023, a new peak will be reached.

QQ screenshot 20190401221255

Josh Rager: The next bitcoin cycle peak will come in July 2023, and bitcoin prices may reach $150,000 or more. Bitcoin cycle peak:

2011: $31

2014: $1,177

2017: $19764

2023:? ? ? ($150,000) Rager's long-term predictions are particularly noteworthy because he is pessimistic about Bitcoin's recent price movements.

Can Bitcoin avoid the recession and continue to move up?

In recent weeks, many traders and technical analysts have also said that if Bitcoin can maintain momentum in the $4,000 range, it may not fall to the support level of $3,500.

In the past three months, Bitcoin has been trying to break through the resistance of $4,200, but every attempt has failed.

Chart-11

Bitcoin prices have recovered quite well in the past month and prices have risen slightly (source: Coinmarketcap)

For example, on February 24th, Bitcoin did break through $4,200, reaching $4,206, but failed to stabilize and almost immediately fell to $3,700.

Rager said this week that if Bitcoin can break above $4,200 and stay above key levels, it will be able to stop Bitcoin from falling further below the $4,000 mark and maintain that momentum in the coming months.

"(Bitcoin) has many possibilities. In fact, no one knows what to do next. Historically, short or sell at a price close to $4,200, buy or sell at a price close to $3,500. It's a good idea. Breaking, closing and staying above $4,200 is bullish in the short term. A break below $3,500 is very bearish. Horizontal (bitcoin movement) is very beneficial for the cryptocurrency explosion of the competition currency," he explained.

At this stage of the cryptocurrency market, most projects have difficulty obtaining funds to expand their business, and resources are concentrated on high-quality projects. At this stage, it is difficult for industry executives to be optimistic about the future of this asset class.

However, throughout March, in the 16-month bear market, the vast majority of industry executives engaged in encryption business expressed optimism about this asset class and industry activity level.

The general consensus among traders and technical analysts seems to be that the bitcoin and cryptocurrency markets have either bottomed out or are about to bottom out, which could lay the groundwork for a gradual recovery throughout the year of 2019.

As can be seen from the past recovery of Bitcoin, analysts expect that bitcoin prices will not experience the same trend as the bull market in 2019 in 2017, but will slowly and gradually climb to the previous level for a long period of time.

Strong selling pressure

On Monday, Bitcoin broke through the $22 million sell-off, broke through $4,100, and broke the expected resistance of $4,200. It also needed to sell another $30 million.

A technical analyst said that the market has digested a large sell order of $4,100 in the short term, possibly pushing the asset up to $4,300.

He said: "The immediate sell-off is very optimistic, and we will test $4,300 soon."

A break of $4,200 in resistance in the short term will ease the huge pressure on Bitcoin, which could make the asset likely to reach higher resistance levels never seen since November 2018.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

"Japan Amazon" Lotte launches cryptocurrency transaction service

"Japan Amazon" – Lotte, announced on August 19 that it will launch its new encryption trading platfor...

Blockchain

Witness history! Bitcoin plunges sentient beings: mining circle under pressure, exchange shuffled

Author: Liu four red Source: BBT Fintech Circle Editor's Note: This article has been deleted without altering th...

Market

FTX may be approved to liquidate $3.4 billion worth of tokens this week. What impact will it have on the market?

FTX may obtain court approval for asset liquidation on September 13th. Under the pressure of 3.4 billion sell-off, th...

Blockchain

Number reading | The paradox behind the 109 reports The truth is that IEO is an antidote or a poison?

After several months of fermentation, the IEO boom continues, and there is even a wave of higher waves. Yesterday (Ap...

Blockchain

WIRED Investigating the Mysterious Hacker Incident on the Day of FTX Bankruptcy

Author | Wired Translated | Wu Shuo Blockchain Original Link https//www.wired.com/story/ftx-1-billion-crypto-heist/ w...

Blockchain

Raise $130 million! Encrypted exchange INX will issue securities tokens via IPO

According to Coindesk's August 20 report, the incremental exchange startup INX Limited plans to raise $129.5 mil...