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Bitcoin’s price is undergoing a consolidated price action as the trend is stuck within a narrow range. Presently, the rally does not appear to regain the bullish momentum as the new traders continue to remain off-the-shore for a while. However, the possibility of a bullish breakout may not be distinguished as one of the crypto veteran frames a 6-digit target for the star crypto.
A seasoned trader and a well-known analyst tell in a new update that the star crypto could be gearing up for a massive explosion that may go as high as $300,000. The trader reveals a new strategy and believes that the price could explode between 792% and 1,238% from the current prices in the next bull market.
“So this is my projection. There are two paths. We can hit this line [diagonal resistance] twice as we did in the last cycle [2021]. [or[, we can hit this line once near the end like we did in the prior cycle [2017] If we hit it near the end, we’re going to go higher [$300,00]. If we hit it twice, we’re going to go lower[$200.000]. Personally, I’d rather [we] hit it twice. I’m tired of Bitcoin being this cheap.”
The trader refers to the above chart and believes that the price could rally toward the initial target of $200,000 somewhere in 2025. Moreover, the trader further believes that the price may even rise beyond $300,000. In the short term, the trader believes that the Bitcoin pullback is not over yet.
“The [previous] week closed poorly. Which at the moment sets us up for a pullback all the way down to the long-term moving average and $20,000,”
The Bitcoin (BTC) price is trading around $22,401.73, with a drop of 0.03% in the past 24 hours. The market capitalization is around $432.74 billion, and the trading volume is around $14.17 billion, which is largely dominated by bears at the moment.