Bitcoin (BTC) market prices increased by 7.20% last week, exceeding the price of $ 104,000. The leading Cryptocurrency fell to less than $ 75,000 in April, experiencing a notable price rebound. Interestingly, prominent X analyst Mr. Wall Street leaned on BTC to maintain this strong form before the current market cycle and maintain a high transaction of about $ 200,000.
Bitcoin for $ 200K psychological resistance at the cycle top
In the X Post on May 10, Wall Street provided interesting insights to the BTC market, explaining the reason for the recent profits, emphasizing the future price goal.
According to Crypto analysts, there may be two reasons from Bitcoin to $ 74,000 to $ 104,000. First, there was a supply shock at the OTC (Over-The Conder) desk, which led the market demand by purchasing Bitcoin directly from the encryption exchange.
Wall Street also explained that the extreme market fear led by US tariffs has made investors find a safe shelter in the gold market. Historically, the increase in gold investment is always optimistic in the encryption market because it has been reflected in the recent market rally.
The encryption analyst said:
… This extreme fear is a gold pump that has been optimistic in the long term, a long -term gold pump, a three -month bitcoin pump, and this profit rotates from gold to bitcoin, so 1%of the gold market flows to the bitcoin market, so 1%for the bitcoin market can see the pump. This is because 1%of the market accounts for +13%.
In the future, Wall Street will project positive market effects due to institutional supply shock and profit rotation for 3-6 months from the end of April. As a result, Bitcoin investors can expect the market to rise from August to November, where BTC reached $ 150,000.
After that, the analyst will be a good accumulation period before the BTC’s deal between $ 150,000 and $ 180,000, which will increase to $ 200,000, which will act as a psychological resistance like $ 100,000. Importantly, Wall Street said that $ 200,000 would play the best market cycle that potential early investors could benefit. The analyst then predicts 50% -70% market correction of less than $ 100,000.
BTC price outline
At the time of writing, Bitcoin trades $ 103,956, reflecting 0.80%of the last day. Meanwhile, daily trading volume decreased 17.39% and $ 45.6 billion.
PEXELS’s main image, TradingView chart
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