Ethereum

bullish

Solana

Bitcoin

<p>The post <a href="https://coinpedia.org/news/dont-panic-top-analyst-says-bitcoin-will-hit-175000-this-market-cycle/">‘Don’t Panic’: Top Analyst Says Bitcoin Will Hit $175,000 This Market Cycle</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin is at a critical point, and crypto analyst Caleb Franzen is paying close attention. He recently analyzed a key chart that tracks Bitcoin’s performance since the end of 2022, focusing on the 200-day moving average. In an interview with <a href="https://www.youtube.com/watch?v=XXzdxp9gZ7E">Thinking Crypto,</a> Franzen explained that Bitcoin’s recent drop below these long-term averages is concerning. In bull markets, prices usually stay above these key levels.&nbsp;</p> 
<p>Dropping below them could signal that Bitcoin might be entering a bearish phase. However, Franzen isn’t panicking. He pointed out that similar drops happened before, in August and June, and each time Bitcoin quickly bounced back.</p> 
<h3 class="wp-block-heading" id="h-what-could-happen-next"><strong>What Could Happen Next</strong></h3> 
<p>Franzen used a simple analogy to describe Bitcoin’s potential. He believes that once Bitcoin gets back above the moving average cloud, it could see a strong rise. But he also noted that the first attempt to break through might not succeed right away, based on past trends.</p> 
<p>He said, “Bull markets are characterized by price trending above key short-term, medium-term, and long-term moving averages. So, if we’re breaking below those long-term moving averages, it’s not a bullish indication; we’re likely in a bearish regime.”</p> 
<h3 class="wp-block-heading" id="h-looking-ahead-a-big-price-target"><strong>Looking Ahead: A Big Price Target</strong></h3> 
<p>Franzen addressed the significance of Bitcoin’s temporary dips below short-term moving averages, noting that in a bull market, such dips are common and often followed by a quick recovery. He said that Bitcoin has consistently shown resilience, rebounding quickly and maintaining its upward trend even after facing challenges.</p> 
<p>Franzen is also looking at the bigger picture. He thinks that Bitcoin could reach at least $175,000 during this market cycle, using a method called the Fibonacci extension. He’s been sticking to this target for a while and believes that if Bitcoin hits this level, other major cryptocurrencies like Ethereum and Solana could also see big gains.</p>

‘Don’t Panic’: Top Analyst Says Bitcoin Will Hit $175,000 This Market Cycle

Table of Contents

CoinPedia News

Other articles published on Aug 11, 2024

Nasdaq and BlackRock Propose Options for Spot Ethereum ETF: SEC Decision Expected by April 2025

New Altcoins Pegged by Analysts as ‘Solana Killers’ with Over 300% Growth Potential

Economy: Real Estate Prices Continue to Fall and Bankruptcies of Agencies are Skyrocketing in Fra...

Top Altcoins For 100% Upside This Month!

XRP Gears Up for Biggest Breakout in Price History

Analyzing the Yen-Driven Selloff That Sparked Recent Crypto Crash

Join our free newsletter for daily crypto updates!