Bitcoin price has been moving sideways for some time now, but this will not always be the case. While there is a possibility that the price could end up fluctuating downwards and crashing, a crypto analyst has predicted that an increase in the price of the cryptocurrency is on the horizon.
The Bitcoin price breakout is just around the corner
A crypto analyst featured on the TradingView website has given an optimistic forecast for the Bitcoin price. The analyst, under the pseudonym Tolberti, has drawn a yellow trendline that he believes indicates the coin’s next bull rally.
The trend line is just above the $26,000 mark, meaning the cryptocurrency is currently close to it. The analyst explains that despite recent developments, BTC price remains bullish, especially as the month of October comes to a close.
Using the Fibonacci retracement, which was at 0.618, Tolberti points to the next significant resistance for Bitcoin. From here he estimates the value at $29,167. After this value, the analyst expects the Bitcoin price to rise above $30,000. An increase of this magnitude would mean Bitcoin price rising by at least 15% from its current levels.
Tolberti’s chart with the forecast | Source: Tradingview.com
However, sailing from here isn’t all that easy as the bears aren’t going to give up the fight anytime soon. About the yellow trend line, the analyst said it is “a gateway to the extremely large bull market.” Once it breaks through, I expect a massive uptrend.” However, he warned traders to “be aware of a possible retest first.” Your stop loss needs to be safe!”
How high can BTC price go?
Tolberti’s bullish profile for the Bitcoin price also extends to the long term. Like many other analysts, Tolberti expects the cryptocurrency to trade in the six-figure range in the next bull market. For his long-term forecast, he puts the Bitcoin price at $125,000. According to a former analyst he expects the Bitcoin price to reach this level sometime in the second quarter of 2025.
Interestingly, Bitcoin is not the only cryptocurrency that the analyst is bullish on. Altcoins were not left out either, Ethereum (ETH), Dogecoin (DOGE) and XRP also emerged as other bullish tokens.
Given this forecast, Tolberti believes that the current price of Bitcoin is a good buying price for investors. “26,000 is still a good price to buy Bitcoin in the long term as I expect 120,000 in 2025,” the post said.
Bitcoin is currently showing strength as it continues to hold above $26,000 after the SEC postponed the decision on the 21Shares Spot Bitcoin ETF. It is currently trending at $26,275, although it has fallen 3% in the last week.
BTC price shows strength above $26,000 | Source: BTCUSD on Tradingview.com
Featured image by Breet, chart from Tradingview.com
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