Bitcoin Price Headed To $120,000? Why This analyst Thinks It’s A Good Time To Buy
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Crypto analyst Minga has predicted that the Bitcoin price could rally past $120,000 to a new all-time high (ATH) of $190,000 in the next bull cycle. The analyst also indicated that now is a good time to buy as BTC approaches a bottom.
Analyst Gives Buy Signal as Bitcoin Price Approaches Bottom
In an X post, Minga said that the Bitcoin price is approaching a macro bottom and that this is the phase of the cycle where every dip becomes an opportunity to buy and accumulate long-term holdings. The analyst opined that BTC may tap the $58,900 to $54,500 region at a minimum this cycle, and that this area has been a point of interest (POI) for spot buying.
Minga revealed that he still expects a potential move down to $37,000 for the Bitcoin price in a max-pain scenario. However, he noted that the idea behind spot buying is not to go all in at once, but to build positions gradually over time. The analyst had also described a potential drop to $37,000 as a generational bottom, signaling that this is an area to go all in in preparation for the next bull cycle.
Meanwhile, the analyst stated that he will be looking at $194,742 as a potential area to start taking profits and offload a significant portion of his spot holdings. A potential rally to $194,742 would mark a new all-time high (ATH) for the Bitcoin price, surpassing its current ATH of $126,000.
Minga also noted that the plans to take profits at this level are just a plan and that his final decision will be based on how the Bitcoin price behaves when it reaches those levels.
The Strategic Buy Zone For BTC
In an X post, crypto analyst Ali Martinez revealed two primary accumulation zones based on historical 40%-50% resets in past bear markets that occur after the crossover between the 50 and 200 Simple Moving Averages (SMAs). The first target is $40,000, representing a standard 30% reset from current levels.
The second accumulation target is $30,000, representing a 50% decline from current Bitcoin price levels. Martinez stated that this setup has historically aligned with the last major downside before a generational macro bottom forms.
The analyst noted that BTC has already seen a 52% correction and is currently 30 days into the 3-day SMA cross. As such, he remarked that if history rhymes, then BTC is likely entering the final accumulation window of this cycle within the next three to six days.
At the time of writing, the Bitcoin price is trading at around $66,400, down over 2% in the last 24 hours, according to data from CoinMarketCap.
source: https://www.tradingview.com/news/newsbtc:8314c99a1094b:0-bitcoin-price-headed-to-120-000-why-this-analyst-thinks-it-s-a-good-time-to-buy/
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