says<\/a> that Bitcoin may surge to as high as $200,000 if the flagship crypto asset is currently in a right-translated cycle \u2013 or a market cycle where prices tend to peak later rather than earlier.<\/p>\n\u201cI would say that it\u2019s possible if we get a right translated cycle that from the bottom Bitcoin could go up about 10x or something, which would probably put it around $150,000. So I would say, in a right translated cycle my guess is that it would be anywhere from like $120,000 to like $150,000. It\u2019s possible in the perfect scenario that it could go all the way up to $200,000. I don\u2019t think Bitcoin will hit $300,000 this cycle. I do think Bitcoin will eventually hit $300,000, but I don\u2019t think it will be this cycle.\u201d <\/em><\/p>\nHe says that Bitcoin needs to hold the 2024 high of about $72,000 on the weekly chart to remain on track to hit fresh all-time highs this cycle.<\/p>\n
\u201cAnything is possible. And I would certainly be more optimistic if we can definitively hold that 2024 high [around $72,000 on the weekly chart] and start to move back up. I would definitely become more optimistic later on this year. That\u2019s my main concern right now, is, if there is another pullback, can we hold it? The good news is we\u2019ve held it so far, and we actually technically we haven\u2019t even tested it. So the good news is if there is another drop, you probably would have some bulls try to hold the line at those levels because we haven\u2019t even tested those levels yet.\u201d<\/em><\/p>\nBitcoin is trading for $84,483 at time of writing, flat on the day.<\/p>\n