Bitcoin poised for explosive growth to $190,000 after crossing $30,000 threshold, analyst says
After the price of flagship cryptocurrency Bitcoin ($BTC) passed the $30,000 mark earlier this month, some cryptocurrency analysts have begun to predict further gains, with one analyst pointing to a historical chart pattern that suggests BTC is set to skyrocket in near future.
Bitcoin, according to pseudonymous cryptoanalyst BitQuant, has completed its last retreat before “going to the moon” and is soaring towards $190,000, with the new floor before reaching an all-time high (ATH) expected to be around $29,000 – $30,000. .
Earlier, as reported by Finbold, the cryptocurrency market analyst offered a slightly different perspective, arguing that Bitcoin’s price typically experiences two retests after breaking the 10-week exponential moving average (EMA). BitQuant also emphasized in the same tweet that “in this particular cycle, we are still waiting for the final retest before the price skyrockets to $190,000.”
According to the analyst’s recent prediction, Bitcoin will face no further barriers in its climb towards $190,000, a milestone the analyst believes will be reached in 2024. At the time of writing, Bitcoin is trading at $30,700 after rising around 2% in the last 24-hour period .
Some analysts in particular are more bullish. As CryptoGlobe reported, Larry Lepard, managing partner of Boston-based investment management firm Equity Management Associates, predicted that the end of the dollar era could be the beginning of Bitcoin’s golden age.
His prediction predicts the collapse of the US dollar in the next decade and BTC will get a big boost in price from that. Lepard mentioned that as people become more aware of the dollar’s weakness, they will gravitate towards assets such as Bitcoin, gold and real estate. He pointed out a key advantage Bitcoin has over gold – its limited supply of 21 million coins.
According to Lepard, this scarcity will be central to Bitcoin’s long-term price increase. Lepard elaborates on this point, “If Bitcoin reaches $100,000 tomorrow, no additional Bitcoin will be created.” As more people adopt Bitcoin as a means of preserving wealth, Lepard envisions the cryptocurrency’s price continuing to rise, potentially reaching milestones of $100,000, followed by $1 million, and eventually $10 million per coin.
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