Crypto analysts predict Bitcoin will hit $200,000 at the top of the cycle

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Crypto analysts predict Bitcoin will hit 0,000 at the top of the cycle

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The market price of Bitcoin (BTC) has soared 7.20% over the past week, trading at a price level of more than $104,000. The leading cryptocurrencies have experienced a significant price rebound since April to below $75,000. Interestingly, Mr. Wall Street, a well-known X analyst, has tilted BTC to maintain this bullish form and keep it up to $200,000 until the end of the current market cycle.

Bitcoin ranks psychological resistance of $2 million as the top of the cycle

In the May 10 X post, Mr. Wall Street provides an interesting insight into the BTC market, explaining the reasons for recent earnings while highlighting future price targets.

According to crypto analysts, 40% of Bitcoin’s earnings from $74,000 to $104,000 can be attributed to two reasons. First, there was a supply shock on the over-the-counter (OTC) table, which forced institutional investors to buy bitcoin directly from cryptocurrency exchanges, driving market demand.

Mr. Wall Street also explained that extreme market fears driven by changes in the U.S. tariffs have caused investors to seek safe havens in the gold market. Historically, the growth of gold investment has always been a perception of the crypto market, as this has been reflected in recent market rally.

Crypto analysts say:

…This extreme fear is the transformation of Geras’ capital from risky assets to gold, which is extremely bullish for Bitcoin because every time the gold pump is delayed by 3 months on average, because during that time period, profits rotate from gold to Bitcoin, and the gold medal is the larger market for X13, which is the flow of the gold market toward the Bitcoin market, allowing us to see up +13%.

Looking ahead, Mr. Wall Street will have a positive market impact from institutional supply shocks and continuous profit rotation from 3-6 months to lasting profits in the end of April. Therefore, Bitcoin investors can expect an uptrend in the market until August to November, BTC should rise as much as $150,000.

After that, analysts prompted that BTC trading was between $150,000 and $180,000, as a good accumulation period, and then soared to $200,000, which could become a psychological resistance, such as $100,000. Importantly, Mr. Wall Street noted that $200,000 has the potential to be the top market cycle for many early investors to make profits. Since then, analysts predict 50%-70% of the market will be corrected to $100,000 and below.

BTC Price Overview

At the time of writing, Bitcoin is trading at $103,956, reflecting 0.80% of the past day. Meanwhile, daily trading volume fell 17.39% to be worth $45.65 billion.

Featured images from Pexels, charts for TradingView

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