Crypto Expert Foresees Bitcoin Reaching $200,000 at Cycle Peak – Insights Revealed

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Bitcoin (BTC) market prices skyrocketed by 7.20% over the past week, trading above the $104,000 mark. The premier cryptocurrency has shown a significant recovery since its drop below $75,000 in April. Notably, renowned X analyst Mr. Wall Street has predicted that BTC could sustain this upward trend and potentially reach as high as $200,000 before the current market cycle concludes.

Bitcoin Approaching $200K Psychological Threshold at Cycle Peak

In an X post from May 10, Mr. Wall Street shared valuable insights into the BTC market, discussing the drivers behind its recent gains and outlining future price predictions.

According to the crypto analyst, Bitcoin’s impressive rise from $74,000 to $104,000 can be traced back to two main factors. Firstly, a supply shock at over-the-counter (OTC) desks compelled institutional investors to procure Bitcoin directly from crypto exchanges, thereby boosting market demand.

Mr. Wall Street further elaborated that heightened market anxiety stemming from US tariff adjustments prompted investors to flock to the gold market for safety. Historically, an uptick in gold investments tends to be bullish for cryptocurrencies, a pattern reflected in the recent market surge.

The crypto analyst remarked:

… this heightened fear has initiated a general capital migration from risk assets to gold, which is quite bullish for Bitcoin in the long run. Typically, when gold prices rise, Bitcoin follows with an average lag of three months, as profits shift from gold into Bitcoin during that period. Given that the gold market is approximately thirteen times larger, even a 1% movement of capital from gold to Bitcoin can result in a +13% increase in Bitcoin’s value.

Looking ahead, Mr. Wall Street anticipates that the positive market implications from the institutional supply shock and the capital rotation from gold will persist for 3-6 months post-April. Thus, Bitcoin investors may look forward to a market uptrend until August-November, potentially seeing BTC rise to approximately $150,000.

Following that, the analyst predicts BTC will range between $150,000 and $180,000, creating an accumulation phase before climbing to $200,000, likely acting as a psychological barrier similar to $100,000. Importantly, Mr. Wall Street notes that $200,000 could represent the peak of the market cycle, where many initial investors might choose to take profits. Subsequently, he forecasts a market correction of 50%-70% down to around $100,000 and below.

BTC Price Snapshot

As of this writing, Bitcoin is valued at $103,956, reflecting a 0.80% increase over the past day. However, the daily trading volume has decreased by 17.39%, now totaling $45.65 billion.

BTC trading at $103,965 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Pexels, chart from Tradingview

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