- Reputed silver-tongued analyst shares FOMC meeting predictions.
- He goes on to reveal what to expect next, remaining heavily bullish.
- Only certain factors could make the market bullish again, which the analyst breaks down.
With the price of BTC currently trading in the $110,000 price range, analysts are growing eager to see a recovery price run for Bitcoin. At the moment, bearish sentiments seem to be a lot stronger than bullish sentiments, and many are calling for a bear market takeover. Amidst the bearish sentiments, investing expert says $170,000 Bitcoin ATH price target remains unchanged.
Investing Expert Says $170,000 Bitcoin ATH Price Target Remains Unchanged
The tug of war debate between bearish and bullish expectations continue to grow stronger between seasoned traders and reputed crypto analysts. At present, a majority have gone completely bearish, with a few still hoping to see a bullish recovery and a possible trigger to the onset of altseason. At the moment, one investing expert says his $170,000 BTC ATH price target remains unchanged.
As we can see from the post above, this analyst says that he is not sure why so many are frustrated with a slow grind of higher lows and higher highs. After all, this is what a bull market is, and nobody can truly mark when it is happening. He says that the price of BTC is now sitting at a point of maximum asymmetry and Since 2022, every time Bitcoin has touched the bottom of this ascending channel, it’s followed by a 60% – 170% expansion leg.
Then he declares that the structure is identical today with higher low, and near a high-time frame support that has governed this cycle – 1.272 fib at $103,000 – 55w EMA at $98,000. Since 2019, each touch of the 55w EMA has historically marked the exact bottom of a local correction. Hitting $98,000 would mean meeting a lot of confluence to suggest that it is the strongest structural support.
Can the Price of BTC Turn Bullish Despite Bearish Expectations?
The analyst then goes on to say that other indicators he’s overlayed are a normalized BTC top indicator which illustrates that Bitcoin is currently at mid-cycle values and trend is not overheated, and not oversold either. Thus, he says that his $170,000 and above price targets for Bitcoin (BTC) remains unchanged. He then says that the dip in the chart suggests getting BTC into the range in red would be the perfect test of support that’s held since 2017.
Lastly, he marks the MVRV Z-Score, which is also tightening into a long-term ascending wedge, a structure that historically resolves with explosive upside as unrealized profits begin expanding again. In conclusion, the investing expert says that structurally, Bitcoin is coiling for expansion. Finally, he declares that the bull market is still very much alive and is quietly setting up for quite possibly the largest move of the cycle.
