The market price of Bitcoin (BTC) has skyrocketed 7.20% over the past week, trading above the $104,000 price level. The major cryptocurrencies have experienced a notable price rebound since falling below $75,000 in April. Interestingly, prominent X Analyst Wall Street tilted BTC to keep this bullish shape and trade at $200,000 before the current market cycle was over.
Bitcoin heads towards $20,000 psychological resistance at the top of the cycle
In a post on May 10th, Wall Street provided interesting insights into the BTC market and explained the reasons behind recent profits, highlighting future price targets.
According to analysts at Crypto, the 40% increase in Bitcoin could be attributed to two reasons, from $74,000 to $104,000. First, there was a supply shock at the over-the-counter (OTC) desk, forcing institutional investors to buy Bitcoin directly from the crypto exchange, thereby driving market demand.
Wall Street also explained that the extreme market fears driven by US tariff changes have led investors to seek safe shelter in the gold market. Historically, increasing financial investments have always been bullish for the crypto market, as they have been reflected in recent market gatherings.
A Crypto analyst said:
…This extreme fear led to a rotation of gerapy capital from risky assets. This was very bullish for Bitcoin as the average delay from gold spins out of gold within that period, gold is very bullish for Bitcoin as it earns a market larger than x13, 1% of the gold market, where 1% of the Bitcoin market is emitted towards the Bitcoin market, 1% of the gold market is 13%.
Looking forward to it, Wall Street forecasts the impact of the institution’s supply shock and profit rotation on the gold to last for three to six months from the end of April. Therefore, Bitcoin investors can expect a market rise from August to November, when BTC reaches $150,000.
Analysts then hint at BTC for trading between $150,000 and $180,000 and serve as a good accumulation period before surges to $200,000. Importantly, Wall Street said $200,000 could potentially serve as the top of the market cycle. Analysts have since forecasted a 50%-70% market correction to below about $100,000.
BTC price overview
At the time of writing, Bitcoin is trading at $103,956, reflecting a 0.80% increase in past days. Meanwhile, daily trading volumes fell 17.39%, worth $45.655 billion.
Pexels featured images, TradingView charts
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