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For context, the historical data Pippen shared showed that Bitcoin surged more than 550% after bouncing off support in September 2020. It marked a new era in Bitcoin’s life, as the cryptocurrency climbed above the $20,000 milestone for the first time, opening the way for higher price targets.
BTCUSD Monthly Chart on TradingView
Is Bitcoin Heading to $430,000?
TradingView’s data reveals that Bitcoin currently trades for $68,202, a price that coincides with the top of the 2020/2021 $BTC rally, which now acts as strong support for the cryptocurrency. It is technically ideal to expect a reversal around this point, considering Bitcoin’s historical behavior. Also, judging by Pippen’s comparison, a repeat of the identified trend, which would lead to another 550% rally, could see Bitcoin reach a new all-time high of approximately $430,000.
Although this target appears optimistic, considering Bitcoin’s behavior over the past few months, it is worth noting that the cryptocurrency’s most significant rallies have come after severe bearish trends. Besides, Bitcoin’s increasing network activity and the influx of institutional investors remain viable signals that the cryptocurrency may be building momentum for another significant bull run. A feature that has characterized its development from inception.
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