Bitcoin’s Potential Surge to $250,000
After Bitcoin reached an all-time high of over $73,000, investors are excited about the possibility of the cryptocurrency hitting $100,000 this year.
A crypto analyst has pointed out that Bitcoin is currently in its third parabolic advance, a pattern that has historically driven significant price increases.
This parabolic advance could potentially push Bitcoin’s price to new all-time highs, potentially reaching $250,000 according to analysis shared by Titan of Crypto.
The Historical Parabolic Advances of Bitcoin
The analysis looks at Bitcoin’s price movements over the last decade, focusing on breakout moments followed by rapid price surges known as “parabolic advances.”
- The first parabolic advance occurred between 2011 and 2013, where Bitcoin surged from below $10 to nearly $1,200.
- The second parabolic advance happened between 2015 and 2017 as Bitcoin climbed from around $200 to its all-time high of nearly $20,000 by December 2017.
- The current phase started with a breakout in late 2020, reaching $69,000 in 2021, and is now in its third parabolic advance after a corrective phase.
Bitcoin’s Path to $250,000
The expert’s analysis suggests that Bitcoin is currently experiencing its third parabolic advance, similar to previous cycles, with the potential to reach $250,000.
- The chart patterns indicate that Bitcoin has completed its first and second advances in this cycle and is now entering the third and final phase.
- Historically, the third advance has been the most explosive, leading to rapid gains in a short period, potentially pushing Bitcoin to break its previous all-time high.
- If Bitcoin follows past patterns, it could see unprecedented price levels following its recent recovery from a flash crash below $50,000.
Bitcoin Price Analysis
As of press time, Bitcoin is trading at $60,202, with a 0.8% correction in the last 24 hours.
The broader crypto market, including Bitcoin, is closely monitoring economic data, particularly the inflation rate, which could impact the trajectory amidst looming recession concerns.
Hot Take: Bitcoin’s Race to $250,000
With Bitcoin’s recent surge to all-time highs, the anticipation for reaching $100,000 this year is high. The cryptocurrency is currently in its third parabolic advance, with the potential to hit $250,000, mirroring historical patterns. Despite recent fluctuations, Bitcoin’s price analysis remains optimistic, with the potential to break its previous records and continue its upward trajectory.
By
By
By
By
By