Bitcoin market prices (BTC) increased by 7.20 % last week to trade above the price of $ 104,000. The leading cryptocurrency has witnessed a prominent price recovery since it declined to less than $ 75,000 in April. Interestingly, the prominent analyst at X MR. Wall Street has led to BTC to keep this ups and trade up to $ 200,000 before the current market cycle ends.
Bitcoin is heading for $ 200,000 psychological resistance in Top Cycle
in X post On May 10, Mr. Wall Street made an interesting vision in the BTC market, explaining the reasons behind the recent gains, while highlighting the goals of future prices.
According to Crypto analyst, Bitcoin profit can be 40 % from $ 74,000 to $ 104,000 to two reasons. First, there was a shock of the offer in the unmistakable offices (OTC) offices, which forced institutional investors to go to buy bitcoin directly from the exchange of encryption, thus paying the demand for the market.
Mr. Wall Street also explained that the extremist fear in the market driven by the American tariff changes caused the search for a safe haven in the gold market. Historically, the increase in gold investments is always bullish in the encryption market, as reflected in the last market gathering.
The encryption analyst:
… This extreme fear was to bring Gerale’s capital rotation from the origins of the risk to gold that was very optimistic in the long run for Bitcoin because every time golden pumps, bitcoin pumps with average delay for 3 months, where the profits of gold are rotated towards Bitcoin during that time frame, and since gold is a larger x13 market, 1 % of the flow of the gold market towards the portalokin makes us see us Pump +13 %.
Mr. Wall Street is looking for the effects of the positive market from the trauma of institutional supply and profits from gold to another for 3-6 months from the end of April. Therefore, bitcoin investors can expect the market to be translated until August-November, as BTC must rise to $ 150,000.
Next, analysts BTC release between $ 150,000 – $ 180,000, as a good accumulation period before it rises to $ 200,000, which is likely to serve as psychological resistance like $ 100,000. More importantly, Mr. Wall Street states that $ 200,000 is likely to serve as the summit of the market cycle in which many first investors are likely to get profits. Next, the analyst expects the market to correct 50 % -70 % to about $ 100,000 and less.
BTC price overview
At the time of this report, Bitcoin is traded at $ 103,956, which reflects a 0.80 % increase last day. Meanwhile, the daily trading volume decreased by 17.39 % with a value of $ 45.65 billion.
Distinctive photo of Pexels, tradingView graph
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