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Bitcoin

Bitcoin To Reach $175,000, Crypto Expert Predicts When

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the current Bitcoin (BTC) rally, crypto expert Caleb Franzen, the founder of Cubic Analytics has recently shed light on his faith in the cryptocurrency reaching $175,000, due to certain factors and when this might happen.

Caleb Franzen Optimism On Bitcoin 

On Wednesday, November 8, Caleb Franzen was interviewed by Thinking Crypto, where the crypto expert revealed his optimism about Bitcoin. The expert thinks that the strength of the crypto asset will benefit the whole cryptocurrency industry.

According to Frazen, his strong belief in the crypto asset is due to the bullish indicators that he observed in the Bitcoin charts. He put forward the idea of a critical support and resistance level as the “200-day moving average Cloud.” 

Franzen also underscored how clear market signals are important, as he pointed out several factors that might bolster Bitcoin price when he was asked about Bitcoin’s short-term and long-term price expectations. These include the Bitcoin halving, a potential approval of spot Bitcoin ETFs, and non-recessionary rate cuts.

Related Reading: Why Bitcoin Halving Plays A Key Role In Price Discovery And Market Sentiment

According to him, a potential approval of a spot exchange-traded fund (ETF) could have a huge impact on the crypto asset. This checks out as the current price rally of the asset seems to have been triggered by a false Bitcoin ETF approval news that was shared by CoinTelegraph last month. Ever since, the digital asset has been on an upward trajectory.

The crypto expert further highlighted a large price spike might lead to a $20,000 candle if blanket approvals for ETFs were to happen. In addition, due to several other reasons like the halving cycle and a less restrictive monetary policy environment, Franzen expressed optimism that Bitcoin might reach $175,000 in the next bull run.

While the expert gave factors that could propel the asset’s price, he also gave other factors to consider that could affect it negatively. Franzen highlighted the possibility of a fundamental macroeconomic recession risk as a possible bearish factor for the token.

He issued a warning, saying that if a recession were to take place, the value of the token and other financial assets could drop dramatically. While emphasizing a recession risk, Franzen used the recession that occurred back in 2019-2020 to back up his claims.

He asserted that the recession that happened within the period took the price of Bitcoin from $10,000 to $3,500. According to him, there is a possibility that something similar to this might happen if there is another recession.

Related Reading: BREAKING – Bitcoin Price Nears $38,000 As Analysts Predict SEC Nod Of BTC Spot ETFs

In addition, he also brought up the possibility of exchange risks or possible fraud activities surfacing which could cause corrections in the cryptocurrency market.

Joint Effort Sparks Momentum For The Cryptocurrency

Currently, Bitcoin is sitting at approximately $36,400, slowly gaining momentum at the coveted $40,000 mark. The crypto asset’s recent price breakthrough was believed to be buttressed by the presence of the Golden Cross and a rising 200-day simple moving average (SMA).

A Golden cross signal combined with the rising 200-day SMA, presents an increasing long-term trend. This is because these indicators support the current uptrend and offer a solid basis for further price growth for the cryptocurrency.

Bitcoin
BTC trading at $36,477 | Source: BTCUSDT on Tradingview.com
Featured image by iShock, chart by Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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