Bitcoin has entered a strong price discovery phase, with its weekly chart closing above $80,000 for the first time since December 2020. Analysts believe that six-figure price targets are within reach, with some predicting a peak of $125,000 by New Year’s Eve.
Peter Brandt, a market analyst, notes that Bitcoin tends to repeat its bullish trends when it “marks up.” Based on Bayesian probability, he suggests a $125,000 target. This theory involves analyzing past data sets to determine the likelihood of future events. If successful, this prediction could lead to a significant increase in price.
Meanwhile, another analyst has predicted a higher target of $158,000, citing Bitcoin’s weekly chart golden cross completion as key evidence for the bullish continuation. However, not all experts are convinced, with one analyst warning that Bitcoin could drop to $77,800 or less if conditions change.
Historically, CME gaps on the daily chart have had a strong likelihood of being filled, but in this case, the gap between $77,800 and $80,600 has opened up. If conditions remain unchanged, Bitcoin may continue its upward trend, potentially reaching an all-time high above $100,000.
As with any investment decision, it’s essential to conduct thorough research and consider individual risk tolerance before making a move. Bitcoin’s price movements are inherently unpredictable, but analyzing past trends and using probability theories can help traders make more informed decisions.
Source: https://cointelegraph.com/news/bitcoin-trader-say-btc-headed-toward-125-k-by-new-year-s-even-based-on-bayesian-probability