Cryptocurrency analyst Tardigrade dealer drew the community’s attention to the fact that Bitcoin’s price reflects 2023 movements. The analyst provided further insight into what this means for the flagship cryptocurrency.

Bitcoin Price Movements Reflecting 2023 Movements

In the post, X Trader Tardigrade said that Bitcoin price remains on track with 2023 moves. He then noted that work on the flagship cryptocurrency had just been completed withdrawal. Once the pullback is complete, the cryptocurrency analyst stated that there will be a rally above 100,000, followed by consolidation around this level.

Interestingly, Trader Tardigrade also predicted that the price of Bitcoin will reach $200,000 in early 2025. The accompanying analyst chart showed that the price augment to this target will occur by March 2025.

This parabolic rise to $200,000 is expected to mirror the similar rally that BTC has enjoyed since early December this year when it rose to the previous highest level ever (ATH) at $73,000 in March this year. Meanwhile, it is worth mentioning that Trader Tardigrade is not the only one who predicted that the Bitcoin price could reach this level in this market cycle.

Bernstein analysts they also previously predicted that the BTC price would reach $200,000 by the end of 2025, although they claimed this was a “conservative” target. Geoffrey Kendrick, director of research at Standard Chartered, also predicted that Bitcoin could reach this price target and gave a similar timeline to Bernstein’s analysts.

However, cryptocurrency analyst Tony Severino is skeptical that Bitcoin’s price can reach $200,000 in this bullish cycle. Instead, he offered a more conservative forecast, stating that the flagship cryptocurrency will likely peak somewhere around there Range $160,000. The analyst noted that this is a more realistic goal given that the golden ratio falls within this range.

BTC is “far” from market top

In the post: X, cryptocurrency analyst Ali Martinez stated that the BTC price is still “far” from the market peak. He made this statement while highlighting the market value to realized value (MVRV) ratio, which shows whether an asset is overvalued or undervalued. The chart showed that Bitcoin has not yet reached its true value.

Bitcoin price is currently facing a significant price correction and has been rising non-stop since then Donald Trump’s victory. However, Martinez suggested that now might be a great time to buy this dip. According to him, TD Sequential is presenting a buy signal on Bitcoin’s hourly chart while a bullish divergence is forming against the relative strength index (RSI). He added that this could support Bitcoin rebound to between $95,000 and $96,000.

At the time of writing, Bitcoin is trading at around $93,400, down over the past 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com