Multiplier

bullish

Bitcoin

Read

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Price action and technical indicators point to a potential peak of $200,000 as <a href="https://u.today/coinstats-crypto-tracking-app-commemorates-bitcoin-btc-price-pump-in-unusual-way">Bitcoin</a> continues its unstoppable ascent. A new wave of hope has been sparked by recent highs, and a number of important charts suggest that this ambitious objective may be achievable. Right now, the Bitcoin Rainbow Chart, a well-liked visual aid for long-term investors, shows that BTC is in a favorable "HODL" zone, indicating that it would be prudent to hold rather than <a href="https://x.com/lookonchain/status/1856220969859461472">sell</a>.
With its 2023 update, this chart, which has historically helped <a href="https://u.today/rich-dad-poor-dad-author-issues-bitcoin-warning-dont-get-slaughtered">Bitcoin</a> holders navigate through different market cycles, still suggests potential for expansion. Increased demand and buyer enthusiasm are indicated as Bitcoin moves closer to the upper spectrum, suggesting that the market may be preparing for a longer bubble phase. There are more details in the two-Year MA Multiplier chart.
<img src="https://u.today/sites/default/files/inline-images/image_1419.png" data-entity-uuid="acfd9e64-173c-4d30-a76c-34b416995e08" data-entity-type="file" alt="BTCUSDT" data-caption="<a href=&quot;https://www.tradingview.com/&quot;>BTC/USDT Chart by TradingView</a>">
This graph, which compares the historical price trajectory of Bitcoin to the two-year moving average (MA), currently indicates that if <a href="https://u.today/bitcoin-records-biggest-daily-gain-in-history">Bitcoin</a> crosses the red line, it could reach a maximum potential of about $200,000. Reaching this level would likely be the current cycle's peak, as this red line has historically represented the upper bounds of Bitcoin's price range during previous bull runs.
It is conceivable that Bitcoin may test these higher boundaries in the upcoming months given its current volume and momentum. This potential is further supported by the daily chart's technical analysis. Bitcoin has shown strong bullish sentiment by breaking above earlier resistance levels, which were around $80,000.
Its long-term descending channel breakout and high trading volume suggest a strong trend reversal. With this increasing trend, Bitcoin looks poised to delve into uncharted territory and get closer to the anticipated $200,000 mark. These indicators taken together give Bitcoin a good chance of reaching $200,000, even though reaching this milestone is not assured, particularly if macroeconomic conditions continue to be favorable for cryptocurrency's growth. As Bitcoin moves toward new all-time highs, holders and prospective buyers should keep an eye on these technical indicators. <a href="https://u.today/200000-for-bitcoin-btc-reality-now">Read original article on U.Today</a>

$200,000 for Bitcoin (BTC) Reality Now

U_Today

Other articles published on Nov 12, 2024

Smobler Partners with Moongate to Launch Exclusive SG60 Digital Collectibles at Web Summit

Why Did Ripple’s (XRP) Price Explode to 8-Month Peak Above $0.7?

Top 3 Altcoins Predicted to Soar Over 1,000% by Q1 2025!

Ethereum Foundation Sold 100 ETH for DAI to Strengthen Reserves

Expert Calls Shiba Inu (SHIB) Rally to $0.001

Bitcoin Price Prediction: Will BTC Hit 100k and is Now a Good Time to Buy?

Join our free newsletter for daily crypto updates!