27 September 2023
The Bitcoin price has been trading sideways for a while now but this will not always be the case. While there is a chance that the price could end up swinging downward and crashing, a crypto analyst has predicted that a surge in the cryptocurrency’s price is on the horizon.
Bitcoin Price Breakout Is Coming
A crypto analyst who has grown to prominence on the TradingView site has put forward a bullish prediction for the Bitcoin price. The analyst who goes by the pseudonym Tolberti mapped out a yellow trend line which he believes points toward the next bull rally for the coin.
The trend line sits just above the $26,000 level which means that the cryptocurrency is currently close to it. The analyst explains that the BTC price remains bullish despite recent performance, especially as the month of October draws close.
Using the Fibonacci retracement which sat at 0.618, Tolberti points out the next significant resistance for Bitcoin. From here, he puts it at $29,167, which after beating, the analyst expects the Bitcoin price to surge above $30,000. A surge of this magnitude would mean that the Bitcoin price rises at least 15% from its current level.
However, it is not all easy sailing from here as the bears will not give up the fight easily. Speaking about the yellow trend line, the analyst said it is “a gateway to the ultra-huge bull market. Once it breaks, I expect a massive uptrend.” But he cautioned traders to “be aware of a possible retest first. Your stop-loss needs to be safe!”
How High Can BTC Price Go?
Tolberti’s bullish profile for the Bitcoin price also runs through to the long term. Just like a lot of other analysts, Tolberti expects the cryptocurrency to trade in the six digits in the next bull market. For his long-term prediction, he puts Bitcoin at a price of $125,000. According to a previous analyst, he believes that the Bitcoin price will reach this level sometime in the second quarter of 2025.
Interestingly, Bitcoin is not the only cryptocurrency the analyst is bullish on. Altcoins were not left out of the post with the likes of Ethereum (ETH), Dogecoin (DOGE), and XRP making an appearance as other bullish tokens.
Given this forecast, Tolberti believes that the current price of Bitcoin is a good price for investors to buy. “26k is still a good price for Bitcoin to buy in the long term because I expect 120k in 2025,” the post read.
Bitcoin is currently showing strength because it continues to hold above $26,000 after the SEC delayed the 21Shares Spot Bitcoin ETF decision. It is currently trending at $26,275, although it’s down 3% in the last week.