• Recent surge in Bitcoin prices has revived hope in crypto assets.
• Pseudonymous crypto analyst Cheds has predicted a massive rally for BTC soon.
• Bitcoin closing above its 200-day moving average is a sign of its strength.
The recent surge in the price of Bitcoin has been a cause for celebration for many in the crypto space. The crypto market has seen a tumultuous year in 2022, with rising inflation rates and other negative factors. However, in 2023, Bitcoin has started to show positive price momentum, with some investors believing that the worst is over.
This sentiment has been echoed by pseudonymous crypto analyst, Cheds, who has predicted a massive rally for Bitcoin in the near future. According to Cheds, if Bitcoin is able to break the $18,200 mark, it opens up the possibility of an inverse head and shoulders complex, with multiple shoulders and a neck base at $25,500. This would see Bitcoin’s price surge up to the $37,000 level, a 76% increase from its current value. Furthermore, Cheds believes that the fear of missing out (FOMO) will drive more traders to chase BTC rallies.
Further reinforcing this optimism is the fact that Bitcoin recently closed above its 200-day moving average. This is seen as a sign of Bitcoin’s strength, as it indicates that the digital currency is in a long-term uptrend. Cheds also believes that altcoins will start to spark to life once Bitcoin and Ethereum slow down to consolidate their positions.
Tim Draper, a well-known Bitcoin bull, is even more optimistic about the future of Bitcoin. He has stated that he believes that Bitcoin could reach $250,000 by the end of 2023. This would be an incredible achievement for Bitcoin, and would be a huge boost for the crypto market as a whole.
All in all, the recent surge in Bitcoin prices has been a highly positive development for the crypto space. With Cheds and Tim Draper predicting huge gains for Bitcoin in the near future, it appears that the crypto market is set for an exciting year ahead.