Bitcoin Repeated A Bull Move That Could Propel BTC To $180K, Analyst Says: ‘Market Psychology Will Repeat The Same Way

Cryptocurrency analyst Caleb Franzen, founder of Cubic Analytics, has put forth an intriguing prediction regarding Bitcoin’s future trajectory. Franzen suggests that Bitcoin (BTC/USD) could potentially surge to a high of $180,000, drawing from a new bull signal that hints at a replication of historical gains.

The Bull Signal:

Franzen highlights the Bitcoin Williams%R Oscillator, a tool utilized to gauge the strength of price trends, which is currently flashing a rare bull signal for only the fourth time in history. This signal is particularly significant as Bitcoin has just concluded its highest monthly close since October 2021. The 36-month Williams%R Oscillator has closed above the overbought level for only the fourth time, a pattern previously observed in 2013, 2016, and 2020. These years marked the early stages of Bitcoin bull markets, despite subsequent reductions in the size of the bull runs. Franzen extrapolates that even if Bitcoin’s price returns mimic the 2020 gain of 260%, it would result in Bitcoin reaching the $180,000 mark.

Cautious Optimism:

Despite his bullish outlook, Franzen cautions against viewing these unusual events as a guaranteed predictor of future performance. He acknowledges that while these historical patterns provide valuable insights into market behavior, they do not offer certainties about future outcomes.

Market Sentiment:

Franzen’s prediction aligns with recent bullish sentiments in the market. Alex Thorn, Head of Research at Galaxy Digital, foresees a new all-time high for Bitcoin within weeks, attributing the surge to an influx of institutional investments. Similarly, veteran prop trader Peter Brandt suggests that Bitcoin’s unprecedented $20K monthly gain could be a “starting” candle leading to much larger gains. Notably, Bitcoin’s recent rally to $64,000, its highest point since November 2023, was also commended by bestselling author Robert Kiyosaki, who credited Bitcoin for its role in challenging the stability of the US dollar.

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