A well-known crypto analyst, Ched, has told his 330,400 followers on the platform X that Bitcoin is on a remarkable pattern according to the weekly MACD chart. Ched states that based on current charts, Bitcoin could rise to $300,000 in about two years.
Views of Ched
Ched further explains in his posts that his price target and timeline are based on two commonly accepted views of the Bitcoin cycle. The first is that the Bitcoin bull market will likely end in 2025, based on the four-year cycle. The other view concerns the theory that Bitcoin shows diminishing returns with each cycle.
Additionally, Ched states in his article that Bitcoin may have already reached the bottom of its latest correction at $61,500. He calls it interesting if Bitcoin continues to fluctuate around this point. At the time of writing, Bitcoin’s price is at $63,684, up about 1% in the last 24 hours.
From the chart Ched shared, he suggests that Bitcoin appears bullish after a temporary decline. In the chart we also see a diagonal resistance around $63,500.
May starts unfavorably for Bitcoin bull run
The start of May was not positive for the Bitcoin bull run, as the value of cryptocurrencies dropped significantly after failing to break above $65,000. This correction pushed Bitcoin’s price to its lowest level in more than two months, reaching $56,500.
The US Federal Reserve’s decision not to raise interest rates brought additional volatility. For example, we saw a sudden pump and dump on Wednesday afternoon, with the price of Bitcoin fluctuating by $2,000 within minutes. Only then did the market stabilize again and the price recovery gradually begin.
Subsequently, the bulls managed to achieve a new increase by breaking the resistance level of $62,000.
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