Bitcoin Price Could Reach $330,000, Says Researcher

Bitcoin researcher Sminston With has suggested that the price of Bitcoin (BTC) could potentially reach a peak in the range of $220,000 to $330,000. This projection is based on a 365-day simple moving average (SMA) aligned with a power law model, which indicates that Bitcoin’s price follows a predictable pattern over time. According to With, Bitcoin’s 365-day SMA typically peaks 2 to 3 times above the power law trendline in each market cycle. Given the current price of Bitcoin at $110,000, this model suggests a potential cycle top within the specified range.

With’s analysis challenges the notion that Bitcoin’s price cycles are becoming less extreme over time. The researcher’s findings indicate that Bitcoin continues to exhibit strong cyclical volatility, which could lead to significant price swings in the coming months. This volatility is a defining trait of the cryptocurrency and is expected to persist despite the belief that its price swings are softening.

In addition to the price projection, With’s analysis includes a warning about a potential price correction. Over $4 billion in BTC has been moved by long-term holders, which could signal profit-taking and a subsequent drop in price. This movement aligns with historical patterns where large transfers by long-term holders often coincide with price peaks. The current price of Bitcoin is struggling to maintain its position above $110,000, and sharp price movements could follow if this trend continues.

From a technical perspective, Bitcoin has been setting higher highs and lows since its price bottomed at $74,500. Each time after new highs, BTC has formed a sideways range before the next breakout. The ongoing correction mirrors this pattern, with recent local lows at $107,300, previously marked as local highs 10 days prior. However, a deeper correction could be imminent for Bitcoin, according to historical data and analyst observations.

Anonymous crypto trader TXMC noted that Bitcoin could be nearing the end of a green weekly streak. The analyst pointed out that seven to eight consecutive green weeks are the longest streaks Bitcoin has managed since 2013, before it has pulled back or consolidated. Last week was the seventh consecutive green week, suggesting that a pullback or consolidation could be on the horizon.