Investment bank’s “Goldman Sachs” analyst predicted that the price of bitcoin could surge to the level as high as $4,800. On Sunday, chief technician Sheba Jafari suggested that the price of bitcoin could cross the line of $4000 especially taking in consideration that then it had approached the target of $3,600 she set late last month.
Having hit the high of $4000, according to Jafari, the price could reach $4,827. One shouldn’t be too optimistic as at the same time she warned that the market could correct, sending the price below $3,000.
Another digital expert, longtime stock researcher Ronnie Moas, who last month laid out his views on bitcoin’s potential setting a price target of $5,000 for next year, now, given the bitcoin’s hit of all-time highs over the weekend, raised his price target by $2,500 thus predicting Bitcoin’s climb to $7500. He also does not deny the possibility for currency to surge to $50,000 in 2027.
At press time, the price of bitcoin, according to the CryptoCurrency Market Capitalizations Index is $4,352 with an increase of 5,63 percent compared to yesterday. The market cap constitutes slightly more than $71,5B.
Meanwhile, the total market value of more than 800 digital coins listed on CryptoCurrency Market Capitalizations has climbed from around $20 billion at the start of this year to more than $140 billion today. Bitcoin accounts for about half of that value.
If turn to some analysis, these are the facts:
- 30 days ago Bitcoin cost $1800.
- Today the price of BTC-USD has risen more than 130% establishing an all-time high at $4352.
- price of BTC-USD has increased its market value by 30% in 5 days alone.
At the top of BTC-USD’s strong run from the $3200 stands a classic bullish continuation pattern called a “Bull Pennant.” The pennant is characterized by price consolidation within a convergent pattern and has decreasing volume throughout the length of the pennant body. At the time of this article, BTC-USD appears to have broken out of this pennant with a sharp increase in volume.
Currently, based on typical price projections for Bull Pennant breakouts, this pennant breakout has a price target of $5000 with the market considered to be overbought on a macro scale.
As BTC’s continuing rise causes a lot of hype surrounding, it is essential to remain objective and skeptical of market activity. The price target of $5000, on a micro level seems rather realistic.
However, when speaking about macro level the bullish market appears to have some divergence. In such a way to remain an objective price target, there must be a push to newer all-time highs at the market accompanied by increase in volume to enable the next $800 of price movement.
The main reasons for the growth of bitcoin, are likely to include among others the expected legalization of cryptocurrency in South Korea, elimination of consumption tax on bitcoin, ever rising demand, and possibility for currency’s full legalization in Japan, as well as the upcoming legalization of bitcoin and ethereum in China.