Crypto analyst Trader Tardigrade has drawn the community’s attention to the fact that the Bitcoin price is mirroring 2023 movements. The analyst further provided insights into what this means for the flagship crypto.
Bitcoin Price Mirroring 2023 Movements
In an X post, Trader Tardigrade said that the Bitcoin price stays on track with the 2023 moves. He further remarked that the flagship crypto has just completed the pullback. With the pullback complete, the crypto analyst asserted there will be a surge above 100,000, followed by a consolidation around that level.
Interestingly, Trader Tardigrade also predicted that the Bitcoin price would reach $200,000 in early 2025. The analyst’s accompanying chart showed that this price rally to this target will happen by March 2025.
This parabolic rally to $200,000 is expected to mirror a similar rally that BTC enjoyed from early December that year as it rose to the previous all-time high (ATH) of $73,000 in March earlier this year. Meanwhile, it is worth mentioning that Trader Tardigrade isn’t the only one who has predicted that the Bitcoin price can reach this level in this market cycle.
Bernstein analysts also previously predicted that the BTC price would reach $200,000 by year-end 2025, although they claimed that was a ‘conservative’ target. Geoffrey Kendrick, Standard Chartered’s Head of Research, also predicted that Bitcoin could reach this price target and gave a similar timeline as Bernstein analysts.
However, crypto analyst Tony Severino is skeptical that the Bitcoin price could reach $200,000 in this bull cycle. Instead, he has made a more conservative prediction, stating that the flagship crypto would likely peak somewhere in the $160,000 range. The analyst noted this was a more feasible target, considering that the golden ratio is in this range.
BTC Is “Far Away” From A Market Top
In an X post, crypto analyst Ali Martinez asserted that the BTC price is still “far away” from a market top. He made this statement while highlighting the market value to realized value (MVRV) indicator, which shows whether the asset is overvalued or undervalued. The chart showed that Bitcoin has yet to reach its true value.
Related Reading
The Bitcoin price is currently facing a significant price correction, having been pumping nonstop since Donald Trump’s victory. However, Martinez suggested this might be a great time to buy this dip. According to him, the TD Sequential presents a buy signal on the Bitcoin hourly chart, while a bullish divergence forms against the Relative Strength Index (RSI). He added that this could help Bitcoin rebound to between $95,000 and $96,000.
At the time of writing, the Bitcoin price is trading at around $93,400, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
