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- A popular crypto analyst, Cheds, predicts a 337% surge in Bitcoin’s value based on a classical chart pattern.
- Cheds suggests that Bitcoin could reach close to $300,000 by mid-2026.
- He also implies that Bitcoin may have already seen the bottom of its latest correction after reclaiming $61,500.
Bitcoin could potentially skyrocket over 337% in the next few years, reaching close to $300,000, according to predictions by renowned crypto analyst, Cheds.
Bitcoin’s Potential Rise Based on Chart Pattern
Cheds, a pseudonymous analyst with over 330,400 followers on social media platform X, believes that Bitcoin appears to be forming a cup-and-handle pattern on the weekly chart. Based on classical charting rules, this pattern could indicate a significant rise in Bitcoin’s value in the coming years.
Cheds’ Price Target and Timeline
The trader highlights that his price target and timeline contradict the two widely held views on Bitcoin’s market cycles. One view suggests that the Bitcoin bull market will likely end in 2025 based on the four-year cycle. The other theory proposes that BTC is witnessing diminishing returns each cycle. However, Cheds’ analysis suggests a different outcome.
Bitcoin’s Latest Correction
Cheds implies that Bitcoin may have already seen the bottom of its latest correction after reclaiming $61,500. He suggests that Bitcoin looks bullish following a fakeout to the downside, with a diagonal resistance at around $63,500. At the time of writing, Bitcoin is trading for $63,438, a fractional increase in the past day.
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Conclusion
While Bitcoin’s future is always subject to market volatility and unpredictability, Cheds’ analysis provides an optimistic outlook for the cryptocurrency. His predictions, based on classical chart patterns, suggest a potential surge in Bitcoin’s value over the next few years. However, as with all investments, caution and due diligence are advised.
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