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Analyst Tony Severino has revealed that the Bitcoin price currently has a ceiling of $137,000. This has raised questions about whether this is the highest point that the flagship crypto can reach in this market cycle, and the analyst also provided some answers.
Bitcoin Price Ceiling Is At $137,000
Tony Severino mentioned in an X post that the current ceiling for the Bitcoin price is $137,000, while its floor is around $39,000. He noted that investors could double their investments from Bitcoin’s current price if the crypto reached this target. Meanwhile, a decline to the current floor represents a 50% drop.
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When asked if the $137,000 was the target for the bull top, the analyst responded that his target was between $160,000 and $180,000. He remarked that $137,000 is just the ceiling as of this month and rises as time goes by. As such, his $180,000 market top target could become more feasible in the next few months.
While it remains to be seen whether the Bitcoin price could reach this $137,000 ceiling or even the $180,000 bull top target, it is almost certain that the flagship crypto might never drop to the $39,000 floor again. This is based on historical trends that show that Bitcoin never falls below its pre-election level after the US presidential elections have concluded.
Therefore, the next leg of the bull run has likely begun, and the flagship crypto will likely continue to hit new highs in the coming months. In an X post, crypto analyst Jelle revealed that the Bitcoin price has resumed its uptrend after seven months of sideways action. He added that it shouldn’t be long before the falling wedge pattern on Bitcoin’s chart plays with a rise to $100,000, the potential target.
The Most Bullish Background For Bitcoin At The Moment
Crypto analyst CrediBULL, who had before now been bearish, said that this could arguably be the most bullish background for Bitcoin, with the elections over and Donald Trump’s victory. He added that if these are the fundamentals driving the market, then the Bitcoin price is unlikely to drop to $68,000 again.
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He also suggested that this might be the perfect time to become bullish on the Bitcoin price as the run to $100,000 might have begun. However, he warned that any violations of the $68,700 level would “drastically” weaken the bullish argument and strengthen the bear case further.
Analyst Justin Bennett also commented on the potential Bitcoin price rally to $100,000. He said that if risk assets can survive the Fed’s FOMC meeting today, this could be the move to $100,000 everyone has waited for.
At the time of writing, the Bitcoin price is trading at around $74,800, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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