Bitcoin To $300,000? Crypto Pundit Reveals What Will Drive It

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As an experienced crypto analyst, I find TradingShot’s analysis intriguing and well-researched, based on technical indicators and historical price patterns. The identification of the Mayer Multiple (MM) Mean as a key indicator in Bitcoin’s price movements is insightful, as it provides valuable information about the cryptocurrency’s valuation.

A cryptocurrency expert has pointed out possible signs that Bitcoin‘s price could soar up to $300,000 based on its recent price movements. The analyst has shared some critical technical signals and trends that might indicate Bitcoin’s push towards a new record-breaking peak.

Bitcoin Poised For Aggressive Bull Cycle Phase

A cryptocurrency analyst going by the name ‘TradingShot’ on the trading platform TradingView has shared an insightful prediction: Bitcoin could potentially reach a price tag of $300,000 based on historical trends. In their comprehensive analysis, TradingShot examined Bitcoin’s price history from 2012 to 2024, revealing that it had passed the Mayer Multiple (MM) Mean test and is now in a consolidation phase.

The Mayer Multiple (MM) Mean is a technical indicator which computes the ratio between the price and the 200-day moving average. It is also used to determine whether Bitcoin is undervalued, overbought or fairly priced.   

In a discussion about Bitcoin’s price chart, the crypto analyst pointed out several significant spots using green arrows. These marks indicated the start of particularly strong bullish trends in the market. The analyst placed these arrows at distinct points in time: 2013, 2017, and 2021, which followed the Bitcoin halving events.

It’s intriguing that the research utilized Fibonacci extensions as part of its analysis. By calculating the Fibonacci extensions from the previous lows to highs of the Moving Average Mean, TradingShot uncovered a distinctive pattern in Bitcoin’s price movements throughout its cycles.

As a crypto analyst, I’ve discovered some intriguing patterns in the price movements. Specifically, during Cycle 1, the cryptocurrency market surged slightly above the 2.0 Fibonacci retracement level. Moving on to Cycle 2, it more than doubled the extension of Cycle 1, reaching a peak at the 4.0 Fibonacci extension. Likewise, Cycle 3 displayed a similar trend, nearly doubling the extension of Cycle 2 and peaking around the 6.0 Fibonacci extension.

Based on the current 2024 Bitcoin cycle, an analyst proposes that Cycle 4 may experience a double peak, possibly reaching a Fibonacci extension of approximately $300,000. This hypothesis is speculative in nature.

As a crypto investor, I’ve closely monitored the market trends based on TradingShot’s technical analysis. His projections are undeniably precise due to the careful measurement of highs and lows cycles since Bitcoin first touched the Moving Average (MM) Mean. Each time the MM Mean was slightly surpassed, I’ve observed impressive and robust rebounds in the market.

BTC Price On A Downward Trend

Although TradingShot holds a positive view regarding Bitcoin’s potential future value, the digital currency has experienced a significant decline in value over the last month. Approximately, Bitcoin has lost around 11.16% of its worth during this period.

As a researcher studying the crypto market, I’ve observed that Michael van de Poppe, a renowned cryptocurrency analyst, has expressed a pessimistic outlook for Bitcoin. According to him, the upcoming Federal Open Market Committee (FOMC) meeting on May 1st could lead to more downturns for Bitcoin. The market dynamics are expected to be significantly influenced by this event, prompting investors and traders to reassess their positions in the crypto market.

Investors could be making preparations to rebalance their holdings before the FOMC meeting, as they anticipate the committee might indicate an upcoming reduction in interest rates.

Bitcoin To $300,000? Crypto Pundit Reveals What Will Drive It

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2024-04-29 20:12