Bitcoin (BTC) has been traded between $30,000 and $40,000 for the last few weeks. This is something that we see in the charts and that has been described many times as the new range between $3,200 and $4.100 experienced in 2018. However, there is an analyst that believes that Bitcoin could hit $200k by the end of the year. According to Tyler Swope, Bitcoin could be traded between $100k and $200k before the end of the current year.
Could Bitcoin Continue Growing?
After the recent price drop experienced by Bitcoin and the entire crypto market, the main question that analysts and investors make is whether the bull market is over for Bitcoin. The truth is that we do not know, but some analysts consider that Bitcoin could continue moving higher and eventually reach $200k this year.
According to the analyst and trader Tyler Swope, Bitcoin at $300,000 per coin is a little bit “crazy” in December 2021. He then analysed how the different tops of the market in previous years were then surpassed.
For example, the move from $1k to $20k represented an expansion of 20x. Then, the previous cycle between 2011 and 2013, Bitcoin went from $10 to $1,000, which represents a price increase of 100x. Basically, he shows that there has been an 80% decrease in multipliers through these cycles, this is why a Bitcoin close to $300,000 might not be so clear.
Then he showed that the top for this cycle could be between $100,000 and $200,000 by the end of the year. And this has been his prediction for a long period of time. However, the trader sees the top at around $150,000 by December 15th, 2021.
On the matter, Mr. Swope Stated:
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.“
At the time of writing, we see Bitcoin being traded at around $35,700 per coin. The entire crypto market has been operating stably for the last few days. Most of the virtual currencies are operating with minimum losses in the last 24 hours. For example, Cardano (ADA), Doge (DOGE) and XRP are fell by 2.2%, 3.5% and 5.7%, respectively.