Bitcoin (BTC) market prices have increased by 7.20% over the past week to trade above the price level of USD 104,000. The leading cryptocurrency has experienced a remarkable price reflection since it fell below USD 75,000 in April. Interestingly, the outstanding X analyst, Wall Street, tilted BTC to maintain this stubborn form and trade of up to USD 200,000 before the end of the current market cycle.
Bitcoin guided by psychological resistance worth PLN 200,000 $
IN X Post On May 10, Wall Street provided an compelling view of the BTC market, explaining the reasons for recent profits, while emphasizing future prices.
According to a cryptographic analyst, 40% Bitcoin profit from USD 74,000 to USD 104,000 can be assigned to two reasons. First of all, there was a supply of supply in the without prescription desks (OTC), which forced institutional investors to buy Bitcoins directly from cryptographic exchanges, thus driving the demand on the market.
Mr. Wall Street also explained that the extreme fear on the market caused by changes in American tariffs meant that investors were looking for a protected marina on the gold market. Historically, the growth of gold investments is always stubborn for the cryptocurrency market, because it was reflected in the last market rally.
The cryptographic analyst stated:
… This extreme fear was that the rotation of Geral capital from risk assets, which was long -term, extremely stubborn for Bitcoins, because each time the golden bitcoins pumps pump the average delay of 3 months, because the profits are rotated from gold towards bitcoins at that time, and because gold is a larger market x13, 1% gold market in the direction of the market Bitcoins causes us to see the +13%pump.
Looking to the future, Wall Street designs positive market effects from the institutional supply shock and gains rotation from gold to duration for 3-6 months from the end of April. Therefore, Bitcoin investors may expect market growth to August-Listopada, where BTC should augment up to USD 150,000.
Then the analyst tilts BTC to trade between USD 150,000 to USD 180,000, serving as a good accumulation period before an augment of up to USD 200,000, which will probably serve as mental resistance, such as $ 100,000. Importantly, Mr. Wall Street states that USD 200,000 will potentially serve as a market cycle in which many early investors will probably bring profit. Then the analyst forecasts the 50% -70% market correction to around $ 100,000 and below.
BTC price review
At the time of writing, Bitcoin trades for USD 103,956, which reflects an augment in 0.80% on the last day. Meanwhile, the daily trading volume fell by 17.39% and priced at $ 45.65 billion.
A distinguished picture from Pexels, chart from TradingView
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