Bitcoin Price Could Blitz Beyond $150,000 During Next Bull Cycle in 2023
Despite the 82 percent drop in the valuation of the crypto market in the past year and the inability of bitcoin to recover beyond $4,000 in the past three months, one analyst sees the dominant cryptocurrency surpassing $150,000 by 2023.
Josh Rager, a cryptocurrency technical analyst and investor, said that based on the price trend of bitcoin since 2011 and the pattern of bitcoin rebounding from a correction following an all-time high, he sees bitcoin achieving a new peak price in 2,051 days, by 2023.
The next Bitcoin cycle should peak out in July 2023 and could reach a price at $150,000 or more per Bitcoin
Cycle Peak Prices:
2011: $31
2014: $1,177
2017: $19,764
2023: ??? ($150,000+ projected) pic.twitter.com/ikicZbJRhe— Josh Rager 📈 (@Josh_Rager) March 31, 2019
The long-term projection of Rager is particularly more notable because he has expressed his bearish view on the near-term price trend of bitcoin.
Can Bitcoin Avoid a Downturn and Continue to Move Up?
Many traders and technical analyst have similarly said in recent weeks that bitcoin could avoid a potential drop to its support level at $3,500 if it can sustain its momentum in the $4,000 region.
In the past three months, bitcoin has continuously tried to break out of the $4,200 resistance level, which is widely considered to be a key level for the asset to climb to meaningful ranges above $5,000 but has failed at every attempt.
The bitcoin price has recovered fairly well in the past month, recording a slight increase in price (source: coinmarketcap.com)
