The cryptocurrency markets continue to explore bouts of volatility. Bitcoin’s price has recently surged in response to the opening of the Strait of Hormuz but has dipped since then, as Iran once again closed the strait. The ongoing geopolitical uncertainty has been the number one driver for Bitcoin, giving the asset a chance to redeem itself as well as encounter volatility, both in its wake. At the same time, one analyst has drawn a significant conclusion, stating how Bitcoin’s price has the mettle to hit $240K; here’s when the asset could claim it.
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Bitcoin’s $240K Jump
Bitcoin has long been surrounded with speculations that have asserted that the asset is bound to dip further below normal price levels. Bitcoin was always expected to crash further down, but the asset has defied market expectations to come out stronger than ever. This particular emphasis was once again highlighted by Merlijn the trader, a leading crypto expert, who is predicting a new price path for the asset.
Merlijn took to X to draw a significant prediction, claiming how the Bitcoin price has a tendency to break expectations and emerge stronger than ever. The expert shared that in 2017, Bitcoin’s ATH (all-time high) was $19K, but the coin ended up claiming $65K. When it was $19K, people panicked and sold early, missing their chance on cashing in on its $65K price level.
In addition to this, Merlijn drew the same conclusion for 2021, emphasizing Bitcoin’s tendency to break above predicted price barriers. The expert went ahead a notch, claiming how Bitcoin’s price above $78K could trigger a measured target of $240K if Bitcoin continues to follow its previous price pattern, stating how these “fakeouts” can be the best entry points for investors to bank on.
“THE FAKEOUT IS YOUR ENTRY. 2017 ATH: $19K. Held as support. Broke below. Everyone sold. Then Bitcoin ran to $65K. 2021 ATH: $65K. It was held as support. Now fake out. One last dump. Everyone will sell again.Then take off? Above $78K: $240K measured target. They always shake you out right before the move.”
Bitcoin’s Jump to $240K: Technical Timeline
According to CoinCodex BTC stats, Bitcoin may jump to break the $240K mark by October 2034.
“Bitcoin is forecasted to hit $82,038 by the end of 2026 (+10.38% compared to current rates), $166,372 by 2030 (+123.85%), $968,339 by 2040 (+1,202.89%), and $1.43M by 2050 (+1,829.90%). All values represent end-of-year price estimates according to our models.”
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