Bitcoin remains bullish, but $200,000 off the table and $137,000 in sight
The price action of Bitcoin has drawn a clear line between long-term bullish expectations and short-term reality. After reaching a peak of $111,000 in May, the price of Bitcoin has entered a pullback phase and is now trading below $105,000. While some interpret the current decline as a sign of weakening trend, others see it as a classic bullish correction.
Among them is cryptocurrency analyst MasterAnanda, whose latest chart suggests that Bitcoin is structurally strong enough to reach new highs, but may not hit the speculative price target of $ 200,000 in this cycle.
In his TradingView post, MasterAnanda clearly stated that Bitcoin is still in a bullish structure, but believes that a peak of $200,000 is out of reach in this cycle. Instead, he identified $137,000 as the most realistic bullish target when Bitcoin finally recovers from the ongoing correction.
