Dutch Crypto Manager Spies Path for Bitcoin (BTC) to $150K By October
Bitcoin diverged from markets in mid-April. Meanwhile, the entire cryptocurrency market capitalisation maintained an 18-month support line. If BTC follows previous trends, it might reach $150K by the fourth quarter.
US technology companies in the Nasdaq Composite fell -6.96% in the one-period ending April 18. However, Bitcoin’s price had increased by just under 1% throughout the month. That follows a remarkable 4-day, mid-April bounce back to the $85,000 handle from the first bear test as low as $75,000 after BTC stormed past that level in November on its way to $109,000 on January 20th.
BTC Cup and Handle Indicator
Meanwhile, Bitcoin prices on cryptocurrency exchanges formed a bullish cup and handle chart pattern on the 1M timeframe. The cup formed over 8 days, from April 4 to April 12, with a 6-day handle lasting until April 18. 24H trade volume peaked at $98 billion on April 7 during the cup and fell to less than $21 billion by Friday, April 18, as is typical of pre-rally markets.
18-Support Line for Bitcoin Prices
That bullish cup and handle market signal came at a critical inflection point in Bitcoin‘s price along its long-term trend lines. Michaël van de Poppe, founder of MN Capital, stated on Wednesday that the cryptocurrency market is holding a significant support level as the entire market capitalisation trend goes upward.
The accompanying market chart for BTC shows the downward correction from $109,000 since January, which has coincided with the long-term support trend line for Bitcoin’s price since Q3 2023.
$150,000 BTC by October?
If Bitcoin markets repeat the July-January gain while remaining above long-term support, its price might reach $150,000 by October. That aim is consistent with other analysts’ forecasts. Standard Chartered, a UK giant bank, predicts Bitcoin will be worth $200,000 in 2025 and $500,000 by 2029.
Motley Fool, a popular stock recommendation website, estimates that $200,000 BTC in 2025 is “fairly probable.” Larry Fink of BlackRock believes that if something crazy happens in huge hedge funds, the market may face $700,000 BTC.
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