Bitcoin Price Prediction: Former Goldman Sachs Executive Predicts BTC Could Skyrocket to $200,000 in Next Bull Market, So Get Ready for an Explosive Rally in This BTC Derivative

adminDecember 11, 2023

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The price of Bitcoin has fallen nearly 4% over the past 24 hours, trading at $42,323 as of 4:22 a.m. ET, while trading volume has surged 79% to $26.4 billion.

The plunge, which saw the king of cryptocurrencies temporarily tag the psychological level of $40,000, wiped out nearly $206 million worth of positions in the market.

Specifically, long positions worth $197.366 million were liquidated, and short positions worth $8.23 million were also liquidated.

The week got off to a shaky start with the US Consumer Price Index (CPI) and the Federal Reserve’s interest rate decision scheduled for later in the week, which is expected to further increase volatility.

The decline seen early in the Asian session wiped out $1.2 billion in open interest, which now stands at $19.5 billion.

Meanwhile, former Goldman Sachs executive and current RealVision CEO Raoul Pal predicted that the price of Bitcoin would surge to $100,000 to $200,000 in the next bull market. Notably, this cycle is expected to begin after the BTC halving in April, an event that has historically kicked off bull cycles.

This prediction came from a recent interview with Laura Shin on the Unchained Crypto YouTube channel. According to Pal, the Bitcoin price is likely to follow a traditional cycle with an upward trend between $100,000 and $200,000. He considers that outcome to be a 60% chance.

This is one of three possible outcomes the former Goldman Sachs executive is “juggling,” with the other having a 20% chance of unfolding, which would lead to massive inflows of money into the cryptocurrency sector, potentially triggering “even larger transactions.” It is possible. -The market is stronger than expected.”

Finally, Pal also grapples with the possibility of “a full cycle going full circle, shorter but more violent in 2024.”

Bitcoin Price Forecast: Assess BTC’s 4% Plunge

Bitcoin price tested the midpoint of the 77% plunge previously recorded in the bear market. This level is very important and specifically pivotal and is likely to trigger a large take profit or sell order. The result was widespread liquidation.

Therefore, Bitcoin price is likely to consolidate towards this level even while bulls and bears are engaged in a tug-of-war.

Meanwhile, the People’s Cryptocurrency continues to face the midline of the supply barrier at $43,860. A breakout and close above this level confirms the continuation of the underlying trend.

As can be seen from the relative strength index (RSI) above 50, the upside potential of Bitcoin price is still alive. The histogram bar for the Awesome Oscillator (AO) also shows a positive green histogram bar, adding credence to the bullish thesis. region.

Increasing buying pressure could turn the weekly supply barrier into a bullish breaker, even if Bitcoin price extends to the next major barrier at $54,763. If we are very bullish, we could extrapolate profits for BTC to test the $60,098 range high, which was last tested in November 2021. This move represents a 60% increase from current levels.

Additionally, comparing the ongoing Bitcoin price movement with the movements recorded over the past two cycles, we can see that there is no threat of a major bull market correction for the Bitcoin price. That is until the 61.8% Fibonacci retracement level of $48,725 is reached.

Bitcoin Bitcoin

Investors should exercise caution as the moves recorded today have caught many greedy investors off guard. The likely place for profits across the market would be the psychological level of $50,000, 15% above current levels.

converse case

Conversely, if the weekly supply zone remains a resistance order block, the price of Bitcoin may fall. A slump could cause BTC to lose the support provided by the psychological level of $40,000 or, in severe cases, test the central line of the Bollinger indicator at $31,776.

A break and close below this level could push BTC towards the $30,000 psychological level, while a reversal of this key level would invalidate the current bullish outlook.

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