Bitcoin's Course Shepherded Toward $150K by October, Predicts Dutch Crypto Manager
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Bitcoin and Tech Stocks: A Polar Opposite Dance
Take a Wild Ride as Bitcoin's price chart crackles with life, while US tech stocks in the Nasdaq Composite see a dive of 6.96% in the 1M window ending Apr. 18! Somewhat surprisingly, Bitcoin manages a meager 1% gain for the same period.
The Dazzling Comeback
In a thrilling April comeback, Bitcoin recovers magnificently from its initial bear test, rushing back to the $85,000 handle after a plunge as low as $75,000 since reaching this level in November last year. The bullish run continues as the price soars towards $109,000 on Jan. 20th.
Cup and Handle: The Hidden Signal
Amidst this exhilarating ride, Bitcoin prices on crypto exchanges demonstrate a bullish cup and handle chart pattern. This pattern unfolds over 8 days from Apr. 4 through Apr. 12, followed by a long 6-day handle through Apr. 18.
Trade volume peaked at a colossal $98 billion on Apr. 7, and subsequently plunged to a mere $21 billion by Friday, Apr. 18—typical behavior of markets on the cusp of a rally.
An Unyielding Support
The cup and handle market signal comes at an instrumental juncture for Bitcoin's price along its long-term trend lines. MN Capital founder Michaël van de Poppe notes that the total market capitalization trend is moving upward and "holding a crucial support level for #Crypto."
A market chart for BTC shows that the downward correction from $109,000 since January is aligning with the long-term support line for Bitcoin's price since Q3 2023.
The $150,000 Question
Postulating that BTC markets mirror the performance of the July through January rally and maintain its position above long-term support, Bitcoin's price is expected to ascend to an astronomical $150,000 by October. This target is in par with predictions from industry powerhouses like Standard Chartered, Motley Fool, and brainy crypto enthusiasts.
The Great $200,000 Race
Standard Chartered is banking on a staggering $200,000 Bitcoin by late 2025, driven by institutional adoption, ETF inflows, and Bitcoin's perceived value as a hedge against macroeconomic risks. As for the Motley Fool, $200,000 BTC by 2025 is considered "fairly probable" by their analytical team.
A Cautious Optimism
Meanwhile, BlackRock CEO Larry Fink hints at a $700,000 BTC if a "really crazy" event occurs in large hedge funds, causing markets to take a wild swing. While no explicit outlook for 2025 is available, it's intriguing nonetheless.
Note: Bitcoin predictions for 2025 fluctuate among industry players. While Standard Chartered targets $200,000, Motley Fool's specific price forecast for the year remains elusive. Robert Kiyosaki and Intellectia AI expect Bitcoin to surpass $200,000, subject to institutional demand and market stability.
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- By the end of October in the year 2025, Bitcoin's price is projected to climb as high as $150,000, according to industry leaders such as Standard Chartered, Motley Fool, and numerous crypto enthusiasts.
- The bullish run of Bitcoin in January saw its price soaring towards an impressive $109,000, displaying remarkable growth after a dip as low as $75,000 in November of the previous year.
- Michael van de Poppe, MN Capital founder, observed a crucial support level for Bitcoin's price, supported by the trend line of Bitcoin's long-term price in the future, which is expected to be around Q3 2023.
- Bitcoin's trade volume peaked at an astounding $98 billion on April 7, but fell sharply to just $21 billion by Friday, April 18, showing typical market behavior before a rally.
- Crypto exchanges revealed a bullish cup and handle chart pattern from April 4 to April 18, which often implies a potential price increase for Bitcoin.
- Despite the uncertainty in predictions for Bitcoin's price in 2025, some players in the industry, like Robert Kiyosaki and Intellectia AI, expect Bitcoin to exceed $200,000, as long as there is sufficient institutional demand and market stability.
