Will BTC reach astronomical value? Analyst Forecasts and Price Analysis – TradingView News

Bitcoin Therapist, a pseudonymous maximalist Bitcoin (BTC) account on X, revealed that the coin can reach hundreds of thousands of dollars. However, the handle noted that its prediction was based on the price of MSTR, Microstrategy's stock.

It appears that $MSTR could potentially reach $5,000-$10,000/share by EOY.

Obviously this would require a #Bitcoin price in the hundreds of thousands.

The biggest mistake anyone can make is doubting Michael Saylor. He is an absolute genius.

He plays Wall Street like a violin player.

March 10, 2024

According to him, MSTR could reach between $5,000 and $10,000 per share by the end of 2024. He also mentioned that as long as MSTR is rising, the price of Bitcoin would rise.

Big bets on MSTR and BTC

Since adding Bitcoin to its balance sheet, Microstrategy, led by Chairman Michael Saylor, has found its stocks highly correlated with BTC.

At press time, MSTR was priced at $1,425, up 108.70% year-to-date (YTD). On the other hand, BTC was changing hands at $69,445 at press time. This value increased by 57.24% over the same period.

Aside from the correlation between Bitcoin and MSTR, the profit margin on the company's Bitcoin holdings has reached incredible heights.

At the time of this writing, data from Arkham Intelligence shows that the value of the holdings has increased by 116% since the initial purchase. This increase has helped the asset's market value rise to over $13 billion and generate over $5.50 billion in profits.

Coin issue

Bitcoin price analysis

On March 8, bulls pushed Bitcoin price above $70,000 as the coin hit a new all-time high. However, the daily BTC/USD chart showed that some traders decided to book profits shortly after the milestone.

The presence of the red candle in the market did not last long as BTC was back in an uptrend. Furthermore, Coin Editon noted that no obstacle in front of it could stop the price from retesting the $70,000 mark.

Bitcoin is currently expected to rise above $75,000. However, this would only be the case if bulls resist bearish dominance as they have done in recent days. Another indicator that supported the rally was the Exponential Moving Average (EMA).

At press time, the 20 EMA (blue) was at $61,505 while the 50 EMA (yellow) was at $54,285. The upward crossing of the 20-EMA above 50 reinforced the bullish thesis.

Coin issue

But traders have to be careful. If Bitcoin price breaks below the 20 EMA, the price could undergo a correction that could take it to $56,799. That would mean a decline of 19%.

However, the momentum shown by BTC suggested that a significant decline was unlikely. Therefore, there is a potential for the coin’s price to rise well above $75,000.

Aside from The Bitcoin Therapist, Timothy Peterson, an analyst, mentioned that the price could reach six figures. But in Peterson's case, he gave a timeline and said Bitcoin could reach $100,000 by October 2024.

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