Market prices for bitcoin (BTC) increased by 7.20% in the last week to Shop above the price level of $ 104,000. The leading Cryptocurrency has experienced a remarkable price recovery since dipping below $ 75,000 in April. Interestingly, the prominent X -analyst Wall Street has tipped BTC to maintain this haus -like form and trade as high as $ 200,000 before the current market cycle is over.
Bitcoin on the road for $ 200k psychological resistance at bicycle peak
In one X post On May 10, Wall Street gave an interesting insight into the BTC market and explained the reasons behind the latest winnings, while highlighting future price cases.
According to the crypto analyst, Bitcoin’s profit of 40% from $ 74,000 to $ 104,000 can be attributed to two reasons. First, there was a delivery shock at OTC desktop (OTC), which forced institutional investors to buy bitcoin directly from cryptout changes and thus drive Market demand.
Wall Street also explained that the extreme market fear driven by US customs changes caused investors to seek a safe sanctuary in the gold market. Historically, an increase in gold investment is always hausse for the crypto market, as it has been reflected in the latest market.
Crypto -Analyst pronounced:
… This extreme fear was to give a Geral capital rotation from risk resources to gold that was long -term extremely haisse for bitcoin because every time gold pumps, bitcoin pumps with an average delay of 3 months, as winnings are rotated from gold against bitcoin within that time frame, and since gold is a x13 larger market, 1% of the golden market, 1% of the golden market, 1% of the golden market.
With the presentation, Mr. Wall Street the positive market effects from the institutional supply shock and the profit rotation from gold to last for 3-6 months from the end of April. Therefore, Bitcoin investors can expect a market development until August-November, where BTC should rise as high as $ 150,000.
Thereafter, analysts BTC tips to trade between $ 150,000 – $ 180,000, which acts as a good accumulation period before growing to $ 200,000, which will probably act as a psychological resistance as $ 100,000. It is important that Wall Street says that $ 200,000 will potentially serve as a market cycle top where many early investors are likely to make a profit. Thereafter, analysts predict a market correction of 50% -70% to about $ 100,000 and lower.
BTC Price overview
At the time of writing, Bitcoin is traded at $ 103 956, which reflects a profit of 0.80% on the past day. At the same time, daily trade volume drops by 17.39% and is valued at $ 45.65 billion.
Image from Pexels, Chart from TradingView
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