Crypto Analyst Predicts Bitcoin Could Surpass $330,000, Breaking Historical Growth Patterns

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10 Mar 2024

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MARKETS AND PRICES

Crypto Analyst Predicts Bitcoin Could Surpass $330,000, Breaking Historical Growth Patterns

By Jamie Redman
Sat Mar 9 15:30:29 EST 2024

In an analysis posted on Tradingview, cryptocurrency analyst Tradingshot presents a view where bitcoin might cross the $330,000 threshold. Utilizing a blend of historical pattern disruptions and the Theory of Diminishing Returns (TODR), the market analyst posits that the upcoming cycle may break from the traditional pattern of lesser yields.

Bitcoin’s Journey Towards a Possible $330,000 Peak According to Latest Tradingview Analysis

A Tradingview contributor, followed by over 71,000 enthusiasts, shared insights in a piece titled “Bitcoin What Is Next Narrative It Will Break?” According to this analysis by Tradingshot, if BTC maintains its current path, it’s on track to significantly deviate from its usual growth pattern, potentially heralding a groundbreaking phase for its price progression. Tradingshot explains that bitcoin (BTC) has recently overturned its cycle of narrative disruption, establishing new benchmarks in its market performance.
Commencing with a dip below its former all-time high (ATH) in June 2022, followed by surpassing the 1-week moving average (MA) and undergoing its inaugural 1-week death cross and golden cross, BTC has continually surpassed expectations. Importantly, Tradingshot highlighted that BTC achieved a new ATH beyond $69,000 before the 2024 halving event, indicating strong momentum that might propel it toward the $330,000 mark.
Tradingshot’s Tradingview idea chart for the analysis called “Bitcoin What Is Next Narrative It Will Break?”
Challenging the Theory of Diminishing Returns (TODR), which suggests that each bitcoin bull cycle generates lesser returns than its predecessor, the historic profits from earlier cycles, decreasing from +53,1681% to a more recent +2,051%, are now at a pivotal juncture. If BTC’s path can indeed defy this theory, it wouldn’t just symbolize extraordinary growth but also signify a pivotal shift in how bitcoin is perceived and valued as an asset class.

Tradingshot’s daring projection relies on breaking the historical Parabolic Growth Channel, an act that would constitute another narrative disruption. The analysis by Tradingshot indicates that such a breakthrough is not only feasible but likely, considering the current market trends and bitcoin’s previous endurance. “If this narrative is to break, it means that BTC would need to make a little over +2,051% during the current cycle. That suggests that we can be looking at a Cycle peak above $330,000,” Tradingshot underlines in the analysis.
Whether bitcoin will truly hit or exceed the $330,000 milestone is yet to be determined, but such projections highlight the enthusiasm and conjecture that typify the crypto bull markets. Since BTC reclaimed the $60,000 price range, bitcoin price predictions of all types have come out of the woodwork.
What do you think about Tradingshot’s bullish projection? Share your thoughts and opinions about this subject in the comments section below.

TAGS IN THIS STORY

$300K, Bitcoin, Bitcoin (BTC), bull cycle, Crypto, Cryptocurrency, cycles, Tradingshot, tradingview

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