thecryptobasic.com
Amid the ongoing push from Bitcoin to break its all-time high, veteran analyst Ali Martinez argues that the market could see a further 530% gain.
The uptrend in the Bitcoin market continues to gain momentum, with the asset closing at a higher value for the fourth consecutive day. On Tuesday, Bitcoin reached one of its highest values of the year at $73,577, placing it just a hair’s breadth away from its all-time high of $73,750.
Although Bitcoin briefly pulled back to $72,450 at press time, optimism remains high in the crypto community that a new all-time high is just around the corner. Prominent market watchers have shared projections for what they believe could be Bitcoin’s peak for this cycle as bullish sentiment prevails.
Bitcoin to Top at $174K or $462K
Technical analyst Ali Martinez is one such market watcher, drawing inspiration from Bitcoin’s historical Fibonacci retracement levels. In a post on X today, he pointed out that Bitcoin has historically established its cycle tops during previous bull runs between the 1.618 and 2.272 Fibonacci levels.
For instance, in the 2020/2021 cycle, Bitcoin’s peak above $68K aligned with the 1.618 Fibonacci level, while in the 2017/2018 cycle, the peak around $20K corresponded with the 2.272 Fibonacci level.
Accordingly, Martinez suggested that the next Bitcoin peak could fall between $174,000 and $462,000 if this trend continues.
Notably, attaining $174K from its prevailing market value of $72,450 would mean a further increase of 140%. Meanwhile, the upper boundary of the projection would amount to a more astounding growth of 537.68%.
For context, at $462,000, Bitcoin would have a market cap of $9.14 trillion, exceeding the collective market cap of Apple, Google, and Microsoft.
Other Market Experts’ Views on Bitcoin’s Top
Meanwhile, other market observers have expressed similar sentiments regarding Bitcoin’s potential peak for this cycle by analyzing the asset’s historical trends.
In March, Mark Yusko, CEO of Morgan Creek Capital Management, provided mathematical reasoning for his projection of $150,000 as Bitcoin’s peak. He based this forecast on Metcalfe’s Law, suggesting that Bitcoin’s fair value, around $50,000 at the time, would rise to $75,000 post-halving. He noted that historically, Bitcoin peaks at about twice its fair value, supporting the $150,000 target.
Market veteran Peter Brandt has indicated that Bitcoin could reach $94,000 or $160,000 based on its cycle symmetry. He noted that past bull cycles have typically resulted in new highs 490 to 550 days post-halving. Brandt also suggested a more ambitious target of $230,000, derived from projected movements following the November 2022 low.
Meanwhile, financial pundits like Robert Kiyosaki, who have forecasted a Bitcoin peak of $500,000 for this cycle, often cite economic factors and global monetary concerns.