Bitcoin price has been moving sideways for a while now, but this won’t always be the case. While there is a chance that the price will eventually swing down and crash, a crypto analyst has predicted that a rise in the cryptocurrency’s price is on the horizon.
Bitcoin Price Breakout Is Coming
A crypto analyst who rose to fame on the TradingView site has made a bullish prediction for the Bitcoin price. The analyst who goes by the pseudonym Tolberti has charted a yellow trendline that he believes points towards the next bull rally for the coin.
The trendline is just above the $26,000 level, meaning the cryptocurrency is currently close to it. The analyst explains that despite recent performance, BTC price remains bullish, especially as the month of October approaches.
Using the Fibonacci retracement which was at 0.618, Tolberti points to the next major resistance for Bitcoin. From here, he estimates it at $29,167, which the analyst expects will see the Bitcoin price rise above $30,000 after a rout. A rise of this magnitude would mean that the Bitcoin price rises at least 15% from current levels.
Tolberti's chart outlining the forecast | Source: Tradingview.com
However, it’s not all smooth sailing from here as the Bears won’t give up the fight easily. Speaking about the yellow trendline, the analyst said it is “a gateway to the ultra-massive bull market. As soon as this breaks through, I expect a huge upward trend.” But he warned traders to “be aware of a possible retest first. Your stop-loss must be safe!”
How high can the BTC price go?
Tolberti’s bullish profile for the Bitcoin price also continues into the long term. Like many other analysts, Tolberti expects the cryptocurrency to trade in six figures in the next bull market. For his long-term forecast, he estimates Bitcoin at a price of $125,000. According to a previous analyst He believes that the Bitcoin price will reach this level sometime in the second quarter of 2025.
Interestingly enough, Bitcoin is not the only cryptocurrency that the analyst is bullish on. Altcoins weren’t left out, with Ethereum (ETH), Dogecoin (DOGE) and XRP making appearances as other bullish tokens.
Given this prediction, Tolberti believes that Bitcoin’s current price is a good price for investors to buy. “26,000 is still a good price for Bitcoin to buy in the long term as I expect 120,000 in 2025,” the post said.
Bitcoin is currently showing strength as it continues to hold above $26,000 after the SEC postponed the 21Shares Spot Bitcoin ETF decision. The price is currently $26,275, although it is down 3% in the past week.
BTC price shows strength above $26,000 | Source: BTCUSD on Tradingview.com
Featured image by Breet, chart from Tradingview.com