{"id":30228,"date":"2024-12-21T12:30:01","date_gmt":"2024-12-21T12:30:01","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30228"},"modified":"2024-12-21T12:30:01","modified_gmt":"2024-12-21T12:30:01","slug":"bitcoin-price-could-rally-to-178000-if-history-repeats-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30228","title":{"rendered":"Bitcoin Price Could Rally To $178,000 If History Repeats \u2014 Here\u2019s Why"},"content":{"rendered":"

The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve\u2019s rate cut triggered a sharp selloff<\/a> in the crypto market. However, the premier cryptocurrency seems to be recovering nicely, having returned above the $97,000 level on the same day.<\/p>\n

While investors would be hoping to see the Bitcoin price reclaim its current all-time high of $108,135 again, a prominent crypto analyst has put forward an audacious target for the market leader. Below is the rationale behind the new bullish target for the Bitcoin price.<\/p>\n

Can Bitcoin Price Repeat This 86% Rally?<\/strong><\/h2>\n

In a new post on the X platform, NewsBTC head of research Tony \u201cThe Bull\u201d Severino shared<\/a> an interesting prognosis for the price of Bitcoin. According to the CMT-certified crypto analyst, the flagship cryptocurrency looks primed to reach as high as $178,000.<\/p>\n

This bullish projection is based on the Bitcoin price movement in relation to the Bollinger Bands. The Bollinger Bands is an indicator that features three lines; a simple moving average (the middle band) and an upper and lower band. This technical analysis tool helps to assess the volatility of financial markets.<\/p>\n

According to Severino, the price of BTC on the daily timeframe has retested the monthly upper Bollinger Band. From a historical perspective, this action has marked the start of significant price rallies in the past.<\/p>\n

Most recently, a similar retest occurred in late January 2024 and was followed by an 86% price rally to the former all-time high of $73,737. Severino noted that if history repeats itself<\/a> the Bitcoin price could also see an identical 86% rally from its current price point to reach a new record high of $178,000.<\/p>\n

As of this writing, the price of Bitcoin stands at around $97,265, reflecting a 0.8% increase in the past 24 hours. Nevertheless, the premier cryptocurrency is still in a 4% decline on the weekly timeframe.<\/p>\n

Here\u2019s What Needs To Happen First<\/strong><\/h2>\n

Indeed, the $178,000 target might not be all that outrageous for the Bitcoin price, especially given its performance in recent months. However, the latest on-chain data shows that the market leader needs to overcome a major resistance around $97,500 and $99,800.<\/p>\n

According to crypto pundit Ali Martinez on X<\/a>, over 924,000 addresses bought over 1.19 million BTC within the aforementioned price bracket. This becomes a resistance as buyers within the price range might look to sell their assets to break even after being in loss; this puts downward pressure on prices.<\/p>\n

Martinez, however, noted that if the price of BTC manages to successfully breach this level, investors might see the premier cryptocurrency return to its all-time high price<\/a> and perhaps forge a new one.<\/p>","protected":false},"excerpt":{"rendered":"

The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve\u2019s rate cut triggered a sharp selloff in the crypto market. However, the premier cryptocurrency seems to be recovering nicely, having returned above the $97,000 level on the same day. While investors would be hoping to see the Bitcoin […]<\/p>\n","protected":false},"author":0,"featured_media":30229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30228"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30228"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30229"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}