Bitcoin to trade at $180,000 on this date, according to expert
In this news:
Key takeaways
- Analyst TradingShot projects Bitcoin could reach $160,000 to $180,000 by September 2029.
- The projection is based on historical cycle peaks and a rising trendline dating back to December 2017.
- Bitcoin trades near $83,280 while facing potential consolidation and broader macroeconomic pressures.
Bitcoin (BTC) could reach another record high above $150,000 in the coming years, with a long-term technical analysis projecting a potential cycle peak between $160,000 and $180,000 by early September 2029.
In a TradingView post on October 12, analyst TradingShot identified a potential profit-taking zone based on Bitcoin’s historical cycle peaks and a rising trendline dating back to December 2017.
The analysis also highlighted an approximately 1,430-day interval between the last two cycle tops. The projection comes as Bitcoin trades at $83,280, down 3.31% over the past 24 hours.
Historical peaks and price targets
According to the analysis, Bitcoin’s historical bull-cycle peaks have aligned with the ascending trendline, suggesting the cryptocurrency could approach it again in late 2029. The projected $160,000 to $180,000 range represents a potential profit-taking zone, not a guaranteed price ceiling.
At $180,000, Bitcoin would gain about 116% from its current price, while reaching $160,000 would require about a 92% increase.
The analysis also showed Bitcoin recovering from the recent low near $58,000, where it approached the rising 70-month moving average (MA). The subsequent rebound toward $80,000 brought the price back near the 50-week moving average, another technical reference point.
Bitcoin potential correction
TradingShot’s projected price path suggests further consolidation before a potential advance toward the profit-taking zone, followed by a correction toward approximately $135,000.
However, Bitcoin’s near-term performance remains weak, with the cryptocurrency struggling to sustain moves above $84,000. Broader market conditions, including interest-rate expectations, Treasury yields and demand for risk assets, could influence its recovery.
Analysts have also warned that declining returns between successive Bitcoin bull-cycle peaks could limit future rallies. Notably, Bitcoin’s growing market capitalization and deeper institutional participation may make the outsized gains seen in earlier cycles harder to repeat.
Continued selling pressure, failure to reclaim key resistance levels, or deteriorating risk appetite could delay the projected advance toward $180,000.
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