Bitcoin is about to enter a record price increase phase that could reach 370,000 USD
The 7-year model remains intact
Over the past 7 years, Bitcoin has operated within a perfect growth channel. Cryptocurrency researcher Danny Marques noted that since 2017, Bitcoin's price has followed an expanding rectangular pattern. Each major decline, such as in 2018, COVID-19, or 2022, saw Bitcoin touch the bottom of this channel. When the price surpassed key milestones like December 2020 or November 2021, it again reached the top of the channel. This pattern shows balance and sustainability, helping to predict Bitcoin's long-term trends.
"Bitcoin has gone through a major supercycle since 2017, and is now entering the final stage of the growth phase," Marques emphasized.
When Bitcoin peaked – 20 thousand USD in 2017 and 69 thousand USD in 2021 – the price hit the edges of the growth channel. This model has proven its ability to accurately predict Bitcoin's high growth cycles.
Starting the final growth phase?
In 2024, Bitcoin surpasses the 69 thousand USD mark, creating a clear breakout pattern. Previous breakouts like in 2017 and 2020 were accompanied by strong price increases, rising from 1,200 USD to 20 thousand USD, and from 20 thousand USD to 69 thousand USD, respectively. Currently, surpassing the 69 thousand USD mark signals a strong growth momentum.
Based on the growth rate of the 2020 cycle (418%), Bitcoin's price could aim for 288 thousand USD this time. The cup-shaped graph accumulated in 2021, completed by the decline in 2022, and then forming a "handle" in early 2024, indicates a potential to reach 370 thousand USD. This prediction aligns with many other technical analyses.
Technical indicators support a strong upward trend
The monthly RSI currently stands at 69, indicating there is still ample room for Bitcoin to increase in price. In previous peaks, the RSI was near 90-98, showing that the market was still vibrant and hadn't reached its peak. Additionally, the TABI index indicates that Bitcoin is still in the expansion phase of its growth cycle.
Overall, technical indicators suggest that Bitcoin is preparing to enter a new price exploration phase, aiming for target levels from 197 thousand USD to 370 thousand USD, opening up unprecedented profit opportunities for strategic investors.
Do you have any further questions about Bitcoin's price increase potential? Follow the updated analyses so you don't miss the golden moment in the journey to conquer the cryptocurrency market.
Source: https://tintucbitcoin.com/bitcoin-vuot-dinh-du-bao-370k-usd/
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