After the flagship cryptocurrency Bitcoin ($BTC) crossed the $30,000 barrier earlier this month, some cryptocurrency analysts have begun to anticipate greater gains, with one analyst pointing to a historical chart pattern that shows BTC is due to surge in the near future.
Bitcoin has finished its final decline before “heading to the moon” and exploding beyond $190,000, with the new floor before achieving an all-time high (ATH) predicted to stay around the $29,000 – $30,000 level, according to pseudonymous crypto expert BitQuant.
Previously, as reported by Finbold, the cryptocurrency market expert stated that Bitcoin’s price normally sees two retests after breaching the 10-week exponential moving average (EMA). In the same tweet, BitQuant stressed that “in this particular cycle, we are still awaiting the final retest before the price skyrockets to $190,000.”
According to the expert’s most recent forecast, Bitcoin will meet no extra obstacles on its way to $190,000, a figure the analyst predicts will be achieved in 2024. around the time of writing, Bitcoin is trading around $30,700, up about 2% in the previous 24 hours.
Some experts, though, are more optimistic. According to CryptoGlobe, Larry Lepard, managing partner of Boston-based investment management company Equity Management Associates, believes the end of the dollar era might signal the start of Bitcoin’s golden age.
His forecast is that the US currency will collapse within the next decade, and BTC’s price would skyrocket as a result. As consumers become more conscious of the dollar’s decline, Lepard believes they will gravitate toward assets such as Bitcoin, gold, and real estate. He emphasized Bitcoin’s major advantage over gold: its restricted quantity of 21 million coins.
According to Lepard, Bitcoin’s long-term price growth will be driven by scarcity. Lepard elaborated on this issue, saying, “If Bitcoin reaches $100,000 tomorrow, no additional Bitcoin will be created.” As more individuals use Bitcoin to protect their money, Lepard expects the cryptocurrency’s price to rise further, maybe reaching $100,000, $1 million, and eventually $10 million per coin.
