Bitcoin Set for Stellar Rise to $95,000, Timelines Uncertain: BitQuant Predicts
Summary:
Renowned commentator BitQuant predicts Bitcoin's value to staggeringly inflate to $95,000 in a single leap, though the timing remains uncertain. Other analysts, such as Mikybull Crypto, also predict an "explosive" price increase due to a "cup and handle" pattern observed in Bitcoin's chart. Despite potential stresses for investors in the coming months, the general outlook for Bitcoin's trajectory remains optimistic.
BitQuant, a well-known commentator, anticipates Bitcoin (BTC) rocketing to a record-breaking $95,000. However, the precise time frame for this leap remains uncertain, as he shared in his most recent update on X, the platform formerly known as Twitter. BitQuant remains optimistic about the future prospects of the BTC/USD pair.
Bitcoin's upward trajectory is expected to smash not only previous highs, but it's also set to reach the astonishing figure of $95,000. BitQuant is convinced about these future BTC price escalations, but is unsure about the time it will take to reach these heights. He wrote, "$95K will be achieved in a single leap. The exact time for this jump – be it today, tomorrow or the day after – is anyone’s guess".
Responding to a fellow analyst, Mikybull Crypto, BitQuant's confidence is reinforced by the observation of a "cup and handle" pattern occurring across weekly time scales. This pattern represents a period of consolidation after a strong upward momentum, followed by a reversal and a subsequent breakout, climbing higher.
Concurring with BitQuant, Mikybull Crypto believes that this pattern will lead to an "explosive" BTC price discovery. He stated on X on May 14, "The breakout will be explosive, paving the way to a cycle top."
Famed for his accurate BTC price predictions, BitQuant had foreseen a record-breaking BTC/USD high before April's block subsidy halving last year.
BitQuant and Mikybull Crypto are not alone in their optimistic projections for Bitcoin's future. Despite a month-long stalemate and an imminent drop to $50,000, many remain upbeat about Bitcoin's upcoming trajectory.
Daan Crypto Trades, a high-profile trader, shared on X, "When the price action worsens, the turbulent phase is usually about to end. This is often characterized by reduced involvement, lower liquidity, and increased compression, which are typically followed by explosive moves."
BitQuant cautions Bitcoin holders about tough times ahead as a new trend begins to become clear. He suggests those who can't wait out these riveting times to exit the market. The upcoming months, he believes, will cause great stress for those lacking in resolve.
As of the present moment, BTC/USD is trading at approximately $62,000, according to data from Cointelegraph Markets Pro and TradingView, representing a 13% drop in Q2 so far.
Note: This news piece doesn't offer any financial advice or suggestions. Every investment or trading decision carries a risk, so individuals should conduct thorough research before making any financial decisions.
Published At
5/15/2024 11:10:09 AM
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