Bitcoin Could Reach $180,000, Suggests Analytics Expert Caleb Franzen
Summary:
Caleb Franzen, the founder of Cubic Analytics, indicated in a rare bullish sign that Bitcoin (BTC) could potentially reach a value of $180,000, reflecting an increase of 260% from present levels. An analysis of the Williams%R Oscillator and the Relative Strength Index hints at increasingly bullish probabilities. However, Franzen emphasizes that predictions are not guarantees, urging investors to do their own extensive research due to the inherent risks in the market.
Bitcoin (BTC) might be on the path to reaching a value of $180,000, if it follows a new bullish prognostication reflecting prior growth patterns. Caleb Franzen, the creator of Cubic Analytics, hinted in a Mar. 1 post on X (previously known as Twitter) that BTC's price growth during this cycle could potentially be 260% from its current levels.
Despite Bitcoin adding more than 43% to its value during February, an enduring BTC price indicator suggests an even greater rise. When examining the Williams%R Oscillator over a 3-year span, Franzen noted an infrequently seen bullish sign for only the fourth time in history.
“Bitcoin just completed the highest monthly close since Oct.'21. The indications are even more supportive and bullish... For the fourth time ever, the 36-month Williams%R Oscillator has closed above overbought levels,” he surmised.
Traders use the Williams%R Oscillator to estimate the force behind BTC price tendencies. Franzen demonstrated that the device greatly assisted in predicting Bitcoin's rebound from the 2022 market lows. Now a scarcely seen scenario is manifesting — the 36-month Williams%R Oscillator is edging into "overbought" territory above -20.
“I always mention it and will continue to do so: Overbought indicators reflect a very bullish scenario and they should be interpreted as signals of momentum, not as warning signs,” Franzen maintained.
Previous signals were detected in 2013, 2016, and 2020 — years that witnessed the early phases of Bitcoin’s bull market. Even though the returns have dwindled over each period — reducing from a 1,900% gain in 2013 to 260% in 2020 — matching the last cycle could result in Bitcoin's price reaching $180,000.
Despite this, Franzen emphasized that even such unusual circumstances should not be seen as a surefire promise of future proceeds.
“This research provides no guarantee. It merely informs us about the potential behavior of market participants, based on past responses to similar statistical circumstances. While this study is undoubtedly positive, it should be considered as a factor that heightens bullish odds rather than a definitive pro-bullish signal,” he posited.
Relative Strength Index (RSI), another benchmark that typically spends the peak times in bull markets at "overbought" levels continues to show its bullish trend over monthly periods.
Data from Cointelegraph Markets Pro and TradingView shows that the daily timeframes are decidedly overbought, surpassing 80/100 on Feb. 28. In December, daily RSI implemented a type of reboot that predicted Bitcoin’s initial surge parallel with the inauguration of Bitcoin ETFs in the United States.
Furthermore, the monthly periods seem even more hopeful with the RSI just stepping into the overbought region. This information constitutes no form of investment guidance or propositions, and readers should thoroughly investigate their own decision, as every investment or trading move is associated with risk.
Published At
3/1/2024 6:07:19 PM
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