After hitting an all-time high, Bitcoin (BTC) has experienced volatility, and the market anticipates the next price action at a time when several catalysts, including the upcoming halving, support the maiden cryptocurrency.
In assessing Bitcoin’s next price target, crypto trading expert Trading Shot established potential price targets in a TradingView post on March 7 based on the asset’s historical patterns observed since the bottom of November 2022.
According to the expert, Bitcoin has exhibited a consistent pattern since the bottom, characterized by a substantial approximately 100% surge, followed by a triangle formation that foreshadows the rally’s peak. Subsequently, there is a notable 20% decline, typically taking the form of a channel down.
Based on this pattern, the analyst projected a further 96.43% increase, akin to previous waves. At the same time, he suggested that a correction of around 20%, expected to land near $60,000.
Bitcoin price analysis chart. S
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