CandleFocus Report Paints Bitcoin Path to $1M as BTC Reclaims $62K Post Rate Cut
2024-09-19
Author: Content Editor
According to a report from August, Bitcoin is currently trading near cycle bottom and exhibits oversold conditions, indicating potential upside. The Long-Term Power Law model suggests Bitcoin's price should be around $89,000, significantly higher than its current value. The 200-Week Moving Average Heatmap also points to oversold conditions, which historically have preceded significant price rebounds. The analysis projects a possible price of $100,000 between 2021 and 2028, with expectations of maintaining this level, and predicts that Bitcoin could reach $1 million between 2028 and 2037. Investment strategist Lyn Alden supports this projection, predicting Bitcoin to trade at $1 million per coin by 2035 due to its dominance as a digital asset and portable store of value.
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