The post Bitcoin Price to Hit $200K in 2.5 Months as Re-Accumulation Phase Ends appeared first on Coinpedia Fintech News
Bitcoin now looks extremely bullish. In the last five days alone, it has grown by approximately 6.44%. There are enough reasons to believe that buyers are pushing the price upwards strongly. A technical analyst, Gert van Lagen, in his recent X post, predicts that the Bitcoin market could surpass the $200K range in the near future. Sounds exciting, doesn’t it? Let’s dive in for details!
Bitcoin’s Explosive Rally: What’s Driving It?
It was on December 5 that BTC broke above the $100K range for the first time. Between December 9 and 10, the market suffered a serious correction of 4.48%, pulling the price down to around $96,548.50. On December 11, with a massive single-day upward rise, the market rebounded back to the $100K range, and since then, the price has surged by at least 10.30%.
Excitement Among Long-Term BTC Holders
Reports suggest that the strong upward momentum has created extreme excitement among long-term cryptocurrency investors.
Explaining what has worked in favour of the BTC market, Lagen emphasises that the market has surpassed the re-accumulation phase – generally considered a resistance zone.
Analyst Prediction: $200K on the Horizon
In the first quarter of this year, Bitcoin recorded a quarterly return of over +68.7%. Although in the second and third quarters, the crypto reported lackluster performance, the latest crypto bullish trend indicates that in the fourth and final quarter of this year, the market may outperform its Q1 performance.
Crypto Expert’s Optimistic Forecast
Expressing his optimistic outlook about the future of Bitcoin, Lagen forecasts that the market would achieve the $200K milestone in the near future itself.
Recession Concern: Impact on Bitcoin
Hinting at the possibility of major turmoil in traditional markets, Lagen opines that the global market may face an economic recession within the next two and half months.
Bitcoin as a Safe Haven
Projecting Bitcoin as a sensible alternative during global market uncertainties, Lagen asserts that the predicted recession would have no negative impact on the BTC market.
In conclusion, Bitcoin’s rise towards $200K highlights its growing strength in the financial market. Even with a looming recession, the crypto market’s momentum remains robust.