{"id":666120,"date":"2024-12-21T12:30:01","date_gmt":"2024-12-21T12:30:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=666120"},"modified":"2024-12-21T05:19:16","modified_gmt":"2024-12-21T05:19:16","slug":"bitcoin-price-could-rally-to-178000-if-history-repeats-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-could-rally-to-178000-if-history-repeats-heres-why\/","title":{"rendered":"Bitcoin Price Could Rally To $178,000 If History Repeats \u2014 Here\u2019s Why"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve\u2019s <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/interest-rate-cut-impact-bitcoin-price-reaction-unraveled-with-future-projections\/\" target=\"_blank\" rel=\"noopener \">rate cut triggered a sharp selloff<\/a> in the crypto market. However, the premier cryptocurrency seems to be recovering nicely, having returned above the $97,000 level on the same day.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While investors would be hoping to see the Bitcoin price reclaim its current all-time high of $108,135 again, a prominent crypto analyst has put forward an audacious target for the market leader. Below is the rationale behind the new bullish target for the Bitcoin price.<\/span><\/p>\n<h2><strong>Can Bitcoin Price Repeat This 86% Rally?<\/strong><\/h2>\n<p class=\"p1\"><span class=\"s1\">In a new post on the X platform, NewsBTC head of research Tony \u201cThe Bull\u201d Severino <a href=\"https:\/\/x.com\/tonythebullBTC\/status\/50498607\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> an interesting prognosis for the price of Bitcoin. According to the CMT-certified crypto analyst, the flagship cryptocurrency looks primed to reach as high as $178,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-mirroring-2023\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH<\/a><\/div>\n<p class=\"p1\"><span class=\"s1\">This bullish projection is based on the Bitcoin price movement in relation to the Bollinger Bands. The Bollinger Bands is an indicator that features three lines; a simple moving average (the middle band) and an upper and lower band. This technical analysis tool helps to assess the volatility of financial markets.<\/span><\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GfRMtAEXYAELgTy?format=jpg&amp;name=medium\" alt=\"Bitcoin price\" width=\"1200\" height=\"741\"><figcaption class=\"wp-caption-text\">Source: TonythebullBTC\/X<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">According to Severino, the price of BTC on the daily timeframe has retested the monthly upper Bollinger Band. From a historical perspective, this action has marked the start of significant price rallies in the past.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Most recently, a similar retest occurred in late January 2024 and was followed by an 86% price rally to the former all-time high of $73,737. Severino noted that if <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-could-peak-between-160000-and-290000-if-these-historical-patterns-repeat-report\/\" target=\"_blank\" rel=\"noopener \">history repeats itself<\/a> the Bitcoin price could also see an identical 86% rally from its current price point to reach a new record high of $178,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As of this writing, the price of Bitcoin stands at around $97,265, reflecting a 0.8% increase in the past 24 hours. Nevertheless, the premier cryptocurrency is still in a 4% decline on the weekly timeframe.<\/span><\/p>\n<h2><strong>Here&#8217;s What Needs To Happen First<\/strong><\/h2>\n<p class=\"p1\"><span class=\"s1\">Indeed, the $178,000 target might not be all that outrageous for the Bitcoin price, especially given its performance in recent months. However, the latest on-chain data shows that the market leader needs to overcome a major resistance around $97,500 and $99,800.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/us-bitcoin-reserve-price-to-500000\/\" target=\"_blank\" rel=\"noopener \">US Strategic Bitcoin Reserve Could Push Price To $500,000: Expert<\/a><\/div>\n<p class=\"p1\"><span class=\"s1\">According to crypto pundit <a href=\"https:\/\/x.com\/ali_charts\/status\/19069395\" target=\"_blank\" rel=\"noopener nofollow\">Ali Martinez on X<\/a>, over 924,000 addresses bought over 1.19 million BTC within the aforementioned price bracket. This becomes a resistance as buyers within the price range might look to sell their assets to break even after being in loss; this puts downward pressure on prices.<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GfSFjjnWMAASwpA?format=jpg&amp;name=medium\" alt=\"Bitcoin price\" width=\"1199\" height=\"458\"><figcaption class=\"wp-caption-text\">Source: Ali_charts\/X<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">Martinez, however, noted that if the price of BTC manages to successfully breach this level, investors might see the premier cryptocurrency return to its <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-mirroring-2023\/\" target=\"_blank\" rel=\"noopener \">all-time high price<\/a> and perhaps forge a new one.<\/span><\/p>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/VffIbCJ0\/\" alt=\"Bitcoin price\" width=\"2174\" height=\"1432\"><figcaption class=\"wp-caption-text\">The price of BTC on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/VffIbCJ0\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image created by DALL-E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve\u2019s rate cut triggered a sharp selloff in the crypto market. However, the premier cryptocurrency seems to be recovering nicely, having returned above the $97,000 level on the same day. While investors would be hoping to see the Bitcoin price reclaim its current all-time high of $108,135 again, a prominent crypto analyst has put forward an audacious target for the market leader. Below is the rationale behind the new bullish target for the Bitcoin price. Can Bitcoin Price Repeat This 86% Rally? In a new post on the X platform, NewsBTC head of research Tony \u201cThe Bull\u201d Severino shared an interesting prognosis for the price of Bitcoin. According to the CMT-certified crypto analyst, the flagship cryptocurrency looks primed to reach as high as $178,000. Related Reading: Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH This bullish projection is based on the Bitcoin price movement in relation to the Bollinger Bands. The Bollinger Bands is an indicator that features three lines; a simple moving average (the middle band) and an upper and lower band. This technical analysis tool helps to assess the volatility of financial markets. According to Severino, the price of BTC on the daily timeframe has retested the monthly upper Bollinger Band. From a historical perspective, this action has marked the start of significant price rallies in the past. Most recently, a similar retest occurred in late January 2024 and was followed by an 86% price rally to the former all-time high of $73,737. Severino noted that if history repeats itself the Bitcoin price could also see an identical 86% rally from its current price point to reach a new record high of $178,000. As of this writing, the price of Bitcoin stands at around $97,265, reflecting a 0.8% increase in the past 24 hours. Nevertheless, the premier cryptocurrency is still in a 4% decline on the weekly timeframe. Here&#8217;s What Needs To Happen First Indeed, the $178,000 target might not be all that outrageous for the Bitcoin price, especially given its performance in recent months. However, the latest on-chain data shows that the market leader needs to overcome a major resistance around $97,500 and $99,800. Related Reading: US Strategic Bitcoin Reserve Could Push Price To $500,000: Expert According to crypto pundit Ali Martinez on X, over 924,000 addresses bought over 1.19 million BTC within the aforementioned price bracket. This becomes a resistance as buyers within the price range might look to sell their assets to break even after being in loss; this puts downward pressure on prices. Martinez, however, noted that if the price of BTC manages to successfully breach this level, investors might see the premier cryptocurrency return to its all-time high price and perhaps forge a new one. Featured image created by DALL-E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":645303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,1119,78790],"class_list":["post-666120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Could Rally To $178,000 If History Repeats \u2014 Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve\u2019s rate cut triggered a sharp selloff in the crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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