Market costs of Bitcoin (BTC) surged by 7.20% prior to now week to trade above the $104,000 price level. The main cryptocurrency has skilled a notable worth rebound since dipping under $75,000 in April. Interestingly, outstanding X analyst Mr. Wall Street has tipped BTC to keep up this bullish type and commerce as excessive as $200,000 earlier than the present market cycle is over.
Bitcoin Heading For $200K Psychological Resistance At Cycle Top
In an X post on May 10, Mr. Wall Street offered an attention-grabbing perception on the BTC market, explaining the explanations behind current beneficial properties, whereas highlighting future worth targets.
According to the crypto analyst, Bitcoin’s 40% acquire from $74,000 to $104,000 might be attributed to 2 causes. Firstly, there was a provide shock at over-the-counter (OTC) desks, which compelled institutional buyers to go purchase Bitcoin straight from crypto exchanges, thereby driving market demand.
Mr. Wall Street additionally defined that the acute market concern pushed by US tariff modifications triggered buyers to hunt a protected haven within the gold market. Historically, a rise in gold investments is at all times bullish for the crypto market, because it’s been mirrored within the current market rally.
The crypto analyst said:
… this excessive concern was bringing a geral capital rotation from threat property to gold which was long run extraordinarily bullish for bitcoin as a result of everytime gold pumps, bitcoin pumps with a common delay of three months, as income are rotated from gold in direction of bitcoin inside that timeframe, and since gold is a x13 larger market, 1% of gold market flowing in direction of bitcoin market makes us see a pump of +13%.
Looking ahead, Mr. Wall Street initiatives the optimistic market results from the institutional provide shock and income rotation from gold to final for the 3-6 months from the top of April. Therefore, Bitcoin buyers can count on a market uptrend till August-November, the place BTC ought to rise as excessive as $150,000.
Thereafter, the analyst ideas BTC to commerce between $150,000 – $180,000, serving as accumulation interval earlier than surging to $200,000, which can doubtless function a psychological resistance like $100,000. Importantly, Mr. Wall Street states that $200,000 will probably function the market cycle high at which many early buyers are more likely to take revenue. Thereafter, the analyst forecasts a 50%-70% market correction to round $100,000 and under.
BTC Price Overview
At the time of writing, Bitcoin is buying and selling at $103,956, reflecting a 0.80% acquire prior to now day. Meanwhile, every day buying and selling quantity is down by 17.39% and valued at $45.65 billion.
Featured picture from Pexels, chart from Tradingview
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