Bitcoin Price To Reach $321,000 In This Market Cycle

In a substack post, Tony Severino predicted that the Bitcoin price could rally to as high as $321,000 in this bull run.

Cryptocurrency price predictions are often unreliable and should not be taken as financial advice. A recent analysis, however, has provided an optimistic outlook for Bitcoin, predicting that the flagship crypto could rally to as high as $321,000.

The analysis, published in a substack post, highlights a potential head and shoulders pattern that has formed on Bitcoin’s chart. According to the analyst, if this bullish pattern is valid, it projects a maximum target of $321,000 per BTC.

"This target is too high, but it's the math," the analyst wrote.

Interestingly, the crypto analyst went on to give a higher price prediction for the flagship crypto based on another bullish pattern. According to him, BTC could reach $345,000 if it touches the upper boundary of the primary uptrend channel over the last 8 years or thereabouts.

Meanwhile, the analysis also provided more conservative targets for the Bitcoin price. The analyst predicted that BTC could at least touch $158,000.

"The 2021 cycle peak inverse Fibonacci extension could project the 2025 cycle peak," the analyst noted, adding that this peak inverse Fib extension is located among the lowest estimates for BTC at $158,000.

The crypto analyst further remarked that another method of using the 1.618 Fib extension involves projecting the target from the peak of wave 3 from the bottom of wave 1. Based on this, he added that this calls for a potential target of $194,000.

Severino provided another version that projects the 1.618 Fib extension from the top of subwave iii of 5 to the bottom of subwave i of 5. If this plays out, BTC could reach a slightly lower target of $186,000.

Lastly, the crypto analyst also raised the possibility of the Bitcoin price peaking at $191,000. He highlighted a bull pattern, which, if valid, could send BTC to this target.

"This pattern is forming on the weekly chart and could propel BTC to $191,000 if it plays out," the analyst wrote.

At the time of writing, the Bitcoin price is trading at around $104,300, down almost 1% in the last 24 hours, according to data from CoinMarketCap.