According to cryptocurrency analyst Ash Crypto, Bitcoin’s breach of a critical resistance level could pave the way for a meteoric rally towards $200,000. In an X post, the analyst highlighted Bitcoin’s historical tendency to surge after breaking out of a specific price channel.
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The Parallel Channel Pattern
Ash Crypto’s analysis hinges on a parallel channel pattern that has guided Bitcoin’s price movements since 2017. “Bitcoin has consistently followed an upward parallel channel, respecting key upper and lower levels over a three-year cycle,” the analyst noted.
Moreover, Ash Crypto emphasized that breaking above the middle line of this channel has typically driven Bitcoin’s price towards the upper boundary. “Historically, breaking the Middle Range in previous cycles led to a surge of up to 225% towards the upper channel,” the analyst added.
The Bullish Breakout
Significantly, Bitcoin has closed above the crucial middle range resistance lately, potentially validating Ash Crypto’s thesis. “Currently, the middle range has been breached, and the price closed above it, suggesting a strong potential for continued upward movement,” the analyst stated.
If historical patterns repeat, this breakout could catalyze a notable bull run for the flagship cryptocurrency. “If historical patterns repeat, Bitcoin could potentially reach $200,000,” Ash Crypto projected.
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Show more +Current Bitcoin Price
According to the latest data from CoinMarketCap, Bitcoin is currently trading at $67,746.49, down 4.13% in the last 24 hours. However, the bullish breakout lately has reignited optimism among Bitcoin proponents, who anticipate a potential surge towards Ash Crypto’s ambitious $200,000 target.
Ash Crypto’s analysis highlights the potential for BTC to continue its upward trajectory, particularly if the parallel channel pattern persists. As the crypto market closely monitors Bitcoin’s movements, the coming weeks and months could prove pivotal in determining whether the bulls can indeed bank on the $200,000 target.
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