Leading cryptocurrency Bitcoin (BTC) broke a new record by rising above $93,000 in the rally following the Trump victory.
However, even if BTC experiences a correction afterwards, the rise is expected to continue.
At this point, BCA Research reported that it expects Bitcoin to exceed $200,000 in this cycle.
Bitcoin May See Short-Term Correction, But Target for Bullish Peak is $200,000 and Above!
According to Coindesk, global research firm BCA Research has stated that Bitcoin could exceed $200,000 this cycle.
BCA Research analysts said this estimate is based on 260-day fractal dimension complexity, a metric that tracks changes in price patterns.
He noted that this indicator, which is based on 260-day fractal patterns, is not even close to the 1.20 level seen during previous bull market peaks, which indicates a peak.
BCA analysts led by Dhaval Joshi expect a pullback in the short term, writing:
“Despite Bitcoin’s election-fueled rally, its 260-day complexity is nowhere near the 1.2 level that would signal a boa peak or, in other words, the beginning of crypto winter.
Therefore, although we expect a pullback in the short term, Bitcoin's structural uptrend remains intact with an ultimate target of $200,000 and above.”
*This is not investment advice.
