Bitcoin (BTC) Poised for $172,500 Surge, Analyst Predicts

In the realm of crypto predictions, Technical Analyst Titan of Crypto has emerged with a forecast that has caught the attention of enthusiasts. With Bitcoin (BTC) continuing to dominate the digital currency landscape, speculation surrounding its future trajectory remains a topic of genuine discussion.

#Bitcoin Cycle Top Prediction. 🎯🚀

🔖 You might want to bookmark this one.

As I've been asked many times to give my Cycle top prediction. Find it below.

Here's my reasoning:

– 1st & 2nd cycles #BTC found its top within or at the top of the 227.20% – 241.40% Fibonacci… pic.twitter.com/a7NL86tGE5

— Titan of Crypto (@Washigorira) March 3, 2024

Titan analyses historical trends and Fibonacci extension levels to predict potential cycle peak goals. Applying the 127.20% Fibonacci extension level, which represents the theory of diminishing returns with market maturation, produces two conservative cycle top forecasts.

The first prediction falls from $103,000 to $127,500, while the other is at $172,500, although it appears more bullish. At $172,500, Titan advises following this fundamental unpredictability of Bitcoin, one should wisely tighten their stops in such a volatile cryptocurrency world, and estimations might be withstood.

Bitcoin’s Bullish Surge Sparks Momentum

Meanwhile, new data from CryptoQuant may paint an interesting picture of the present. Strong new 1-day to 1-week investor inflows reflect a 10.62% gain from 1-day to 1-week. These are concurrent with old bullish upswings in October ’20 and ’21.

BTC New Investors at 10.62% in the Last Week, Suggesting a Possible Bullish Rally

“This increased proportion of short-term investors means that we are at a critical juncture where we are likely to see significant price movements.” – By @MAC_D46035

Link 👇… pic.twitter.com/XbbrxpQikX

— CryptoQuant.com (@cryptoquant_com) March 4, 2024

The fact that 30 nations saw record price peaks in the same period supports this. This developing new trend of participation is further solidified by the rising short-term investors nearing a critical crossroads, which may very well shape the price movement of Bitcoin in the coming days.

Analysts draw parallels to the vibe from previous bullish cycles, foreseeing a situation akin to that of October’20. Anticipations foresee this resemblance before the commencement and opening of the upcoming bullish rally. Concerns about carrying too much heat arise due to a high flow of capital and upward price pressure.

However, future and on-chain data continue to support the optimism surrounding this involvement. Bitcoin’ss potential short-term dips of 20-30% foster optimism for its growth. Analysts urge optimism, seeing short-term downsides as buying chances, not enduring risks. Stay positive for opportunities, advised investors.

In the crypto world, both seasoned traders and newcomers remain fascinated by Bitcoin. Combining technical analysis and market sentiment exemplifies the dynamic nature of digital asset forecasting. The crypto community eagerly awaits every forecast and data point. At the boundary where speculation and innovation meet, these are expected to unpack the next chapter of Bitcoin’s story.

Related Reading | Grayscale’s Bitcoin Holdings Witnesses 33% Drop Since ETF Conversion