A popular cryptocurrency trader known for accurately predicting Bitcoin’s recent rise to a new all-time high ahead of its halving event has recently revealed he believes the price of BTC will surge to the $95,000 level “in just one move.”
The analyst, responding to another popular cryptocurrency trader on the microblogging platform X (formerly known as Twitter), added that the timing of the move is uncertain, but noted that those who can’t “relax now and wait for Bitcoin to perform as expected” could be better of leaving the market “to avoid the torture.”
Per his words, in the coming months “there will be a lot of pain for those with weak nerves.”
$95K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don't think anyone knows. If you can't relax now and wait for #Bitcoin to perform as expected, then it's better to leave the market to avoid the… https://t.co/Tpbpn7daGL
— BitQuant (@BitQua) May 15, 2024
These words came in response to trader Milkybulll Crypto, who shared a chart with their over 60,000 followers on the platform pointing to a cup and handle reversal pattern on Bitcoin’s weekly chart, before adding that the “breakout will be explosive and will send it to a cycle top.”
A cup and handle price pattern on an asset’s chart is a technical indicator where a cup is formed in the shape of the letter “u,” with the handle then coming with the price seeing a slight downward movement. The pattern was first defined by American technician William J. O’Neil, according to Investopedia, which notes the pattern is interpreted as a bullish signal.
The price prediction comes at a time in which another popular cryptocurrency analyst, Rekt Capital, said that the price of Bitcoin after the halving is officially out of the “danger zone,” and the cryptocurrency’s price celebrated with a good bounce from the Re-Accumulation Range Low support.”
Rekt Capital noted that this month and the next may be “unremarkable for Bitcoin,” but added that we’re “running out of unremarkable months” before BTC enters the parabolic phase.
Notably institutional investors are slowly moving in, with the U.S. state of Wisconsin recently becoming the first government entity in the country to disclose an investment in the flagship cryptocurrency, having purchased 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $100 million, in the first quarter of the year.
The move sees the state of Wisconsin join several Wall Street giants, including JPMorgan Chase and Wells Fargo, in revealing BTC exposure through investment in spot Bitcoin exchange-traded funds, according to 13F filings.
JPMorgan revealed an investment of $731,246 in BlackRock’s IBIT ETF, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC, while Wells Fargo disclosed $141,817 in GBTC holdings. BNP Paribas and BNY Mellon have also made similar disclosures.
Featured image via Unsplash.
