Bitcoin market prices (BTC) jumped 7.20% in last week to negotiate above the price level of $ 104,000. The main cryptocurrency has experienced a significant price rebound since I was below $ 75,000 in April. Interestingly, the leading analyst, Mr. Wall Street, switched BTC to maintain this form and bullish exchange up to $ 200,000 before the end of the current market cycle.
Bitcoin towards $ 200,000 in psychological resistance at the top of the cycle
In a X post On May 10, Mr. Wall Street provided an interesting overview of the BTC market, explaining the reasons for recent gains, while highlighting future price targets.
According to crypto analyst, the gain of 40% bitcoin from $ 74,000 to $ 104,000 can be assigned to two reasons. First, there was a supply shock in over -the -counter offices (OTC), which forced institutional investors to go and buy Bitcoin directly from Crypto exchanges, which thus stimulates market demand.
Wall Street also explained that extreme fear of the American tariff changes made investors were looking for a refuge in the gold market. Historically, an increase in gold investment is always optimistic for the cryptography market, because it is reflected in the recent market rally.
Analyst Crypto said:
… This extreme fear brought a geral capital rotation of risk assets to gold which was long -term extremely optimistic for bitcoin, because each time gold pumps, bitcoin pumps with an average period of 3 months, because the profits are turned by gold towards Bitcoin in the context of the period, and since gold is a larger x13 market, 1% of the gold market that flows towards the market Bitcoin shows us a pump of + 13%.
For the future, Mr. Wall Street projects the positive effects of the shock rotation market of the institutional offer and the profits of gold to last 3-6 months from the end of April. Consequently, Bitcoin investors can expect an upward trend in the market to the november, where BTC is expected to increase up to $ 150,000.
Thereafter, the analyst means that BTC is negotiated between $ 150,000 and $ 180,000, serving as a good period of accumulation before moving to $ 200,000, which will probably serve as psychological resistance as $ 100,000. Above all, Mr. Wall Street declares that $ 200,000 will potentially serve the market cycle level in which many first investors are likely to make profits. Subsequently, the analyst provides for market correction of 50% to 70% at around $ 100,000 and less.
Overview of BTC prices
At the time of writing this document, Bitcoin is negotiated at $ 103,956, reflecting a gain of 0.80% in the last day. Meanwhile, the daily trading volume is down 17.39% and valued at $ 45.65 billion.
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