Analyst predicts Bitcoin price for Q4
Main Idea
A historical price comparison between Bitcoin and gold suggests Bitcoin could rally by 35% in Q4, potentially exceeding $160,000, based on analysis by Ted Pillows.
Key Points
1. Ted Pillows projects a major upward move for Bitcoin, potentially trading above $160,000 by Q4 if the analogy to gold's rally holds.
2. Gold's rally from under $2,000 to over $3,300 followed a prolonged re-accumulation phase, and Bitcoin appears to be nearing the end of a similar structure.
3. As of press time, Bitcoin was valued at $118,216, with modest gains of less than 0.1% in the past 24 hours but down over the last seven days.
4. Bitcoin's technical structure remains bullish, with the 50-day SMA at $110,580 and the 200-day SMA at $90,392, both pointing upward.
5. The 14-day Relative Strength Index (RSI) stands at 60.43, indicating a bullish trend.
Description
A historical price comparison between Bitcoin ( BTC ) and gold suggests that the cryptocurrency could rally by 35% in the fourth quarter. Notably, analysis by Ted Pillows projects a major upward move for Bitcoin, suggesting the digital asset could mirror gold’s historical breakout pattern. If the analogy holds, BTC may trade above $160,000 by Q4, he said in an X post on July 26. The comparison draws on analysis of gold and Bitcoin’s market behavior, identifying phases of accumulation, distributi...
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