- A trader predicted in an X post that BTC could reach $137K in August of 2024.
- At press time, BTC was worth $27,952.35 after its price managed a slight 0.15% increase in the past 24 hours.
- BTC was trading in a medium-term positive price channel, which suggested that its price may rise in the next few days.
Cryptocurrency trader, Titan of Crypto, shared his prediction for Bitcoin’s (BTC) next cycle top in an X post yesterday. By analyzing the historical price data of BTC and plotting the trend lines from a previous cycle’s low to its subsequent high, the trader estimated a potential price target for the upcoming cycle peak.
Based on the trader’s own analysis, BTC could reach approximately $137,000, with this peak expected to occur in August of 2024. In the meantime, the market leader was trading hands at $27,952.35 at press time after it was able to manage a slight 0.15% increase in its price over the past 24 hours of trading, according to CoinMarketCap.
BTC’s price was also able to climb by more than 3% in the past seven days. Additionally, the past thirty days was also kind to the cryptocurrency king as it was up by 6.57% on the monthly time frame.
On the other hand, BTC’s 24 hour trading volume ended up slipping by over 48%, which caused it to drop to $6,951,099,043. Although Titan of Crypto believes $137K is within reach for BTC, its price will first have to climb by about 59% to overcome its all-time high price of $68,789.36 which it reached in November of 2021.
The market leader was attempting to break above the $27,915 resistance level at press time. Should BTC close a daily candle above this price point within the next 48 hours, then it may rise to the next key threshold at $29,210 in the following fortnight.
On the flip side, BTC failing to close a daily candle above $27,915 in the coming couple of days could invalidate the bullish thesis. In this more bearish scenario, the cryptocurrency’s price could look to retest the immediate support level at $26,915 through the course of the subsequent week.
BTC was, however, trading in a medium-term positive price channel, which suggested that its price may rise in the next few days. This ascending price channel had formed over the past few weeks after BTC’s price recorded higher lows and higher highs during this period.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
