Despite Bitcoin (BTC) experiencing a pullback after reaching its peak above $125,000, an analyst points out that technical signals indicate the cryptocurrency could still climb to $160,000 in the upcoming months.
Currently, Bitcoin is valued at $124,874. This marks a 1.2% increase over the past day and more than a 10% rise over the last week.
Insights from TradingShot reveal that Bitcoin’s surge towards its record of $125,700 signifies a breakthrough beyond a long-term resistance barrier.
An expert on TradingView, on October 6th, highlighted that this threshold has now become solid support for continuing the bullish trend pattern.
The analysis suggests Bitcoin is establishing higher lows along an evident upward trajectory line backed by the 50-week moving average (MA).
This configuration indicates sustained upward momentum similar to August 2023’s bullish phase which resulted in notable price increases.
The study also emphasized Fibonacci extension levels as critical indicators for future pricing goals. Presently, it seems like this rally aligns with the 2.0 Fibonacci extension level which historically matches previous market highs.
If this pattern holds true, Bitcoin could potentially reach around $160,000 by early January of 2026.
The Prospect of Bitcoin Reaching $200,000
A separate forecast from pseudonymous crypto analyst Mikybull, compared to gold’s historical rise, suggests that BTC might ascend to as high as $200,000.
In an X post dated October 6th , Mikybull proposed parallels between BTC’s current cycle and gold’s remarkable ascent during the ’70s.
Accordingly , BTC appears aligned with gold’s long-term performance throughout those years marked by inflationary pressures and speculative booms.
Thus , drawing comparisons implies BTC may be entering its own speculative phase akin to what was observed with gold back then supported further through Livermore’s metric predicting potential peaks exceeding$200K.
From broader economic perspectives these trends highlight increasing inflation risks rather than strong growth indicating investors might increasingly view bitcoin similarly hedging against such risks just like how they did previously using Gold.
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