Bitcoin, the world’s most popular and largest cryptocurrency, can end the current macro re-accumulation period by reaching the $ 200,000 price level. This means a large increase of 2088% from the current levels. However, before seeing $ 200,000, we can see that Bitcoin fell to around $ 5,000.
Bitcoin Can Rise to $ 200,000 and More
Analysts closely monitor the cryptocurrency market and how it continues to evolve. This time, well-known analyst TraderXO shares Bitocin’s view on how to reach the current price of $ 200,000 in the coming years.
m a c r o – r e – a c c u m u l a t i o n
o n e l a s t s e t o f c y c l e l o w s
t h e n m a r k – u p pic.twitter.com/Uvu7hfggzB
— TraderXO (@TraderX0X0) July 17, 2020
The mainstay of this analysis is that Bitcoin reached $ 20,000 by running a big bull run in 2017 while having a similar structure.
Despite the increase in the sense of analysis, the re-accumulation period may continue. Indeed, it seems that the digital currency may move to $ 5,000 in the coming weeks before starting a new bull market. The price movement to take place may be a natural price movement of Bitcoin, which has been traded in a wedge in recent months.
Bitcoin Can Drop 50%
Falling to $ 5,000 indicates almost 50% withdrawal from current levels. It is worth noting that Bitcoin may experience a false break from the wedge if it moves high. This means it will look like it will go to the $ 200,000 region, but we can test the top of the wedge to see if Bitcoin will once again enter current levels or go higher. For traders ready to enter the market, a fake breakout can be devastating, so many traders are waiting for the trend to be approved before trading for long and short positions.