Bitcoin Price Remains Unsteady, Expert Predicts $300,000 Value by 2023
Bitcoin’s price has been experiencing fluctuations since March 20, with the cryptocurrency unable to surpass $73,000. Despite a temporary dip, the bulls have returned to the market, but they have yet to reclaim the $70,000 mark. So, what is the current Bitcoin prediction according to a prominent crypto commentator?
Bitcoin Expert Prediction
Cheds, a market expert closely followed by investors, has recently shared his price prediction. Based on a classic formation, his opinion promises significant gains for Bitcoin. Cheds, known by his nickname, discusses a cup-and-handle pattern in the weekly Bitcoin chart he shared on platform X, indicating that this formation has indeed formed.
According to classic chart rules, Cheds expects Bitcoin to reach as high as $300,000 within the next two years. This prediction is quite ambitious, considering that the unit price is increasing while the market value is reaching even more massive levels, which would require substantial institutional capital inflows.
2025 and 2026 Crypto Predictions
However, there is a problem. The formation target focusing on the year 2026 contradicts historical data. Cheds also highlights that the price target and timeline go against the two commonly accepted views regarding Bitcoin’s market cycles. Firstly, historical data suggests that the end of the four-year cycle is expected in 2025. Secondly, in each cycle, the percentage gain of Bitcoin decreases as the price rises.
Despite these contradictions, Cheds remains hopeful about the short-term outlook as Bitcoin has reclaimed $61,500. At the time of writing, BTC was being bought at $63,675, after dropping below $59,000 on May 1. The bulls have strongly defended the key area around $61,500, and long-term closures below this level have not been observed. The lowest point Bitcoin has reached is $56,552.
The analyst believes that after a brief fake decline, the price of Bitcoin could rise further depending on its response to the resistance at $63,500. At present, BTC continues to maintain its closures above this critical region.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.
