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Analyst Tony Severino revealed that the price of Bitcoin currently tops out at $137,000. This has raised the question of whether this is the high point the flagship crypto can reach in this market cycle, and the analyst also provided some answers.
Bitcoin Price Cap Is $137,000
Tony Severino mentioned in an article that Bitcoin’s current price ceiling is $137,000, while its floor is around $39,000. He noted that investors could double their investments from the current price of Bitcoin if the crypto achieves this goal. In the meantime, a decline at the current floor represents a drop of 50%.
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When asked if the $137,000 was the goal the top of the bullthe analyst responded that his target was between $160,000 and $180,000. He noted that $137,000 is just the cap for this month and it increases over time. Thus, its goal of $180,000 could become more achievable in the coming months.
While it remains to be seen whether Bitcoin price could reach that $137,000 cap or even the $180,000 upper target, it is almost certain that the flagship crypto will never drop to the $39,000 low again. This is based on historical trends that show Bitcoin never falls below its pre-election level after the election. US presidential elections concluded.
Therefore, the next leg of the bull run has likely begun and the flagship crypto will likely continue to reach new highs in the months to come. In a Messagecrypto analyst Jelle revealed that the price of Bitcoin has resumed its upward trend after seven months of sideways action. He added that it shouldn’t be long before the downward trend on Bitcoin’s chart translates into a rise to $100,000, the potential target.
The most optimistic context for Bitcoin right now
Crypto analyst CrediBULL, who was previously bearish, said this could arguably be the most optimistic backdrop for Bitcoin, with the election over and Donald Trump’s victory. He added that if fundamentals are what drives the market, it is unlikely that the price of Bitcoin will fall again to $68,000.
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He also suggested that this could be a great time to become bullish on the price of Bitcoin, as the run at $100,000 could have started. However, he warned that any violation of the $68,700 level would “significantly” weaken the bullish argument and further strengthen the bearish scenario.
Analyst Justin Bennett also commented on the potential rise in Bitcoin price to $100,000. He said if risk assets can survive the Fed’s FOMC meeting today, this could be the move to $100,000 that everyone has been waiting for.
At the time of writing, the price of Bitcoin is trading at around $74,800, up over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
