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Market prices for Bitcoin (BTC) increased by 7.20%last week to act above the worth level of USD 104,000. The leading cryptocurrency has experienced a remarkable price -rebound because the diving of lower than 75,000 US dollars in April. Interestingly, the distinguished X -Analyst Mr. Wall Street BTC has made this bullish form and trade with as much as 200,000 US dollars before the present market cycle has ended.
Bitcoin on the approach to the 200,000 US dollar Psychological resistance on the cycle -top
In an X -Post on May 10, Mr. Wall Street gave an interesting insight into the BTC market, during which the explanations for the newest profits were explained and future price goals were highlighted.
According to the crypto analysts, the 40% might be attributed from Bitcoin from $ 74,000 to $ 104,000. First, there was a suggestion shock at OTC writing tables (over-the-counter), which forced institutional investors to purchase Bitcoin directly on crypto exchanges, which presented the market demand.
Mr. Wall Street also explained that the acute market tang that was made by changes within the US tariff led to the undeniable fact that investors were on the lookout for a secure harbor on the gold market. In the past, a rise in gold investments for the cryptom market is at all times optimistic since it is reflected within the recent market rally.
The crypto analyst explained:
… This extreme fear led to a gereal capital rotation of risk assets to gold, which was extremely bullish for Bitcoin in the long run, since Bitcoin pumps are shot with a mean delay of three months during this era of gold pumps with a mean delay of three months. During this era. Since gold is an X13 market, 1% of the gold market.
In the longer term, Mr. Wall Street will project the positive market effects from the institutional supply shock and profit rotation from gold to 3-6 months from the top of April. Therefore, Bitcoin investors can expect a market expenditure by August-November, during which BTC should increase to $ 150,000.
After that, the analyst BTC taps to act between 150,000 and $ 180,000 and function a superb accumulation period before it increases to 200,000 US dollars and is more likely to function a psychological resistance with $ 100,000. It is significant that Mr. Wall Street states that 200,000 US dollars may function a market cycle where many early investors will probably make profit. After that, the analyst predicts a market correction from 50% to 70% to around $ 100,000 and fewer.
BTC price overview
At the time of writing, Bitcoin acts with USD 103,956, which reflects a profit of 0.80% last day. In the meantime, the every day trading volume has dropped by 17.39% and a worth of 45.65 billion US dollars.
BTC trade at 103,965 USD within the Daily Chart | Source: Btcusdt diagram on tradingview.com
Selected picture of Pexels, Diagram by Tradingview
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