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Analyst: New Growth Cycle To Take Bitcoin To $ 250,000

newslogical.com 06 March 2020 04:30, UTC
Reading time: ~3 m

Thursday began for most coins of the TOP-10 CoinMarketCap capitalization rating with growth. At the press time, Bitcoin is trading at $ 9,101. As a result, the value of the first cryptocurrency increased by 3.85%. The maximum growth was recorded in Tezos with +11,47%.

Meanwhile, popular cryptocurrency analyst PlanB keeps exploring the possibilities for further BTC behavior. According to the expert, in May 2020, the cryptocurrency will be able to repeat a trajectory of the movement similar to that which was recorded after Bitcoin halving in 2012 and 2016.

So I think May 2020 #bitcoin halving will produce similar results (red dots) as 2012 and 2016 halving. Why? Co-integration! ELI5: S2F and btc price stay together. Look at the white dots (1 means btc price is exactly S2F model value), btc is above and below model value EVERY YEAR. pic.twitter.com/kfrejvrRA2

— PlanB (@100trillionUSD) March 4, 2020

The analyst’s forecast is based on the S2F model. Therefore, it is likely that over the next few months, Bitcoin will intersect with the S2F line of traditional assets, such as gold, platinum, and others.

Recall that the S2F model was recently criticized by one of the founders of Ethereum Vitalik Buterin. According to Vitalik Buterin, it is inoperative.

Positive opportunity for BTC was also evangelised by another well-known cryptocurrency analyst and Adaptive Capital partner, Willy Woo. In his interview with the popular presenter, trader Max Keiser, the specialist said that he sees prospects for the growth of cryptocurrency to a minimum of $ 100,000.

In his opinion, Bitcoin will be able to grow to the level of $ 100,000 – $ 250,000 in the future. It depends on how long the positive movement lasts. At the same time, Willy Woo notes that the most rational forecast is that BTC will reach $ 135,000 during a new positive cycle.

Later, on Twitter, the analyst drew attention to the fact that no one can accurately indicate the further path of the cryptocurrency rate movement. At the same time, Willy Woo clarified that the basis of his forecast is a model, based on which correct predictions have already been made.

The Next Movement Of Bitcoin

Meanwhile, the leading cryptocurrency quotes broke through the $ 9,000 level again. Bitcoin has been below this mark since February 20.

Note, volumes are decreasing and the MACD indicator shows weakening buyers.

Source: Tradingview.com

Most likely the rise will be symbolic up to $ 9,200 because there are very large sell orders at the levels of $ 9,400 and $ 9,680. And small traders are likely to start selling Bitcoin in advance.

In this situation, the flat is the best option for continued growth. However, this does not mean the price will not go higher.

Recall that the price of Bitcoin rose to the maximum this year at $ 10,435 on February 14. By the end of the month, quotes dropped to $ 8,400- $ 8,500.

Recall Bitcoin rose above the level of $ 10,000 first this year in early February.

An analyst noted the importance of maintaining the level of $ 8,200, after which breaking signal risk for a further fall. The price of cryptocurrency survived and, on the contrary, rose above another important mark – $ 8,650. This paved the way for further growth.

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