Bitcoin (BTC) Pop to $1 Million Not Happening This Cycle, Here’s Where It Will Land According to Analyst Josh Rager
Crypto analyst Josh Rager is calling out a myriad of predictions that say Bitcoin could hit anywhere from $100,000 to $1 million in a new bull cycle.
In an update for his 62,000 followers on Twitter, the popular analyst is outlining what he says is a much more realistic target.
“Unpopular Opinion: The next Bitcoin peak high will not be as high as most people think.
Lots of analysis out there point from $100k to $300k to $1M. Simple rate of return will show you bottom to peak return reduces by around 20% each cycle. In my opinion, next high hits $75k to $85k.
Just a word of caution for some of you who wait until $100k to $1M Bitcoin to take profits. Don’t let greed get the best of you this time. When you see Bitcoin all over media and everyone outside crypto Twitter talking about crypto, it’s likely the top in, whether that’s $50k, $75k, or $100k.”
If Bitcoin can break $10,350, Rager says it’s game on for a new long-term rally.
“Prices to Watch: $9400’s – Held as support for June-Sept range, significant area to break
$10,350s – Point of control, highest volume traded at this price point from May to December
Breaking $10,350s, In my opinion, will confirm next big uptrend with 5-digit BTC for months to come.”
Rager is also outlining the lowest he thinks BTC could drop in the weeks and months ahead. He expects $6,400 to act as a floor and highlights $10,000 as a critical line of support in a new bull phase.
“Fixed range volume profile shows the importance of point of control (POC) for a major range to act as support. 2018 POC held as support at $6,400s. In my opinion, we should see the 2019 POC act as support at $10,100. Price should stay above $10,100 on its way to new all-time high.”