Bitcoin Enters 4th ‘Bull Box,’ Targets $200k by 2026
Amid a largely boring trend in the cryptocurrency market, Bitcoin is showing signs of potential growth. According to crypto analyst Trader Tardigrade, Bitcoin is currently at the beginning of its fourth ‘bull box,’ which could result in the cryptocurrency reaching $200,000 by the end of 2025 or early 2026.
Key Points:
– Bitcoin’s price movements follow a pattern of ‘bull boxes,’ with each box culminating in an all-time high. Previous peaks include $1,000 in 2013, $20,000 in 2017, and $60,000 in 2021.
– The bottoms of these cycles have been at $5 in 2012, $200 in 2016, and $3,000 in 2019. The current box’s bottom is at $15,000.
– Currently, Bitcoin is trading at $26,104 with a 0.4% gain in the last 24 hours. However, it has experienced losses of 11.18% over the previous week and a 12.69% drop on its monthly chart.
– Bloomberg’s senior commodity strategist, Mike McGlone, has compared Bitcoin’s price chart to the 1930s stock market after the Wall Street crash, suggesting an oversold condition.
In conclusion, while short-term prospects may not be favorable, Bitcoin’s historical pattern indicates potential for growth in the long term. The cryptocurrency is currently in its fourth ‘bull box’ and could reach $200,000 by 2025 or early 2026.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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