Crypto analyst Tradingshot has shared an analysis on Tradingview predicting that the Bitcoin price could soar above $330,000.
Breaking Historical Patterns
Followed by over 71,000 enthusiasts, the analyst showcases a chart that suggests Bitcoin might be poised for explosive growth, indicating that Bitcoin has deviated from its historical price trends.
Traditionally, BTC's price hits a new all-time high following a halving event, which cuts the mining rewards in half. However, in a notable twist, BTC's price has already set a new all-time high a month before the upcoming halving.
Moreover, the analyst points out a significant deviation from past price trends: during the most recent bear market, Bitcoin exhibited new patterns, including a drop in price below the previous all-time high, an occurrence not seen before.
Could Bitcoin Price Hit $330,000?
The analyst believes that the current Bitcoin bull rally will break away from historical patterns. Typically, the peak of Bitcoin's price relative to the trough decreases over time, meaning the percentage increase with each subsequent bull run gets smaller. However, Tradingshot predicts this trend will be shattered during the current rally.
To break this trend, the BTC price would need to rise by more than 2,050%, as that was the yield in the previous cycle. This implies that the Bitcoin price would need to exceed $330,000.
The analyst is confident that such a price increase is well within the realm of possibilities, especially considering the halving is yet to occur.
