Anika Begay
With Bitcoin Currently hovering around the $58,000 and $60,500 levels, pinpointing the peak of the flagship cryptocurrency asset in the current bull run has been a major challenge. However, one cryptocurrency analyst has shed some light on Bitcoin’s current phase, offering an intriguing prediction about the coin’s potential to reach unprecedented heights in the coming months, demonstrating his unwavering confidence in BTC.
Bitcoin Peak Could Reach $190,000
In an X (ex Twitter) sendProminent cryptocurrency analyst and trader Lark Davis, delving into the recent price developments of Bitcoin, has made a bold prediction that the cryptocurrency could peak at $190,000, likely during the next major market rally.
Davis, known for his forward-looking assessment of the cryptocurrency market, made the bold prediction after spotting the formation of a rainbow pattern on the BTC chart, often considered a bullish indicator of a significant rally.
THE Bitcoin Rainbow Chart is a charting technique that can determine whether BTC is overvalued, fairly valued, or undervalued based on past price action. In other words, it is a tool that shows the long-term price movement of BTC on a logarithmic scale.
After examining the rainbow chart, the cryptocurrency expert pointed out that Bitcoin is currently in the accumulation zone. Meanwhile, during the last cycle where the same development occurred, the digital asset saw a major rally, peaking in the Fear Of Missing Out (FOMO) intensification zone.
Should the same scenario play out in the current bull cycle, Davis predicts that Bitcoin will hit a new all-time high, specifically between the $150,000 and $190,000 price levels in the coming months.
While Davis’s prediction is still a bit off from BTC’s current price, it does contribute to growing optimism about the coin’s long-term potential as investors look to the next big rally.
Davis’ predictions are also in line with cryptocurrency expert Sensei’s BTC price predictions forecastwho spotted the same rainbow pattern on the Bitcoin chart. Considering the importance of the chart, Sensei also set his base price target at the $150,000 level. “$150,000 is the bottom for this cycle,” he said.
The analyst’s forecast is part of his expectations for the biggest breakout ever for BTC, which could see the value of the underlying asset rise to unprecedented levels in the current bull cycleIf the coin were to reach the predicted $150,000, it would represent a nearly 200% increase from its current trading price.
BTC Recovers $72,000 This Month
While Sensei predicts BTC will hit $150,000 in the long term, he placed its short-term price target at the $72,000 mark, suggesting a significant rebound from the current bearish momentum sparked by last Monday’s broader market plunge.
Following the negative development, Sensei noted that BTC bears are back and are once again discussing an extended decline to $53,000 and $49,000. However, the expert reversed the idea, predicting that the asset will recover to $72,000 before the August close.
Featured image from iStock, chart from Tradingview.com
