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:
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)