Bitcoin Repeated A Bull Move That Could Propel BTC To $180K, Analyst Says: ‘Market Psychology Will Repeat The Same Way’

Cryptocurrency analyst Caleb Franzen, founder of Cubic Analytics, suggested that Bitcoin BTC/USD could potentially reach a high of $180,000. This prediction is based on a new bull signal that hints at a repetition of historical gains.

What Happened: Franzen revealed that the Bitcoin Williams%R Oscillator, a tool used to measure the strength of price trends, is flashing a rare bull signal for only the fourth time in history.

According to Franzen, Bitcoin just completed its highest monthly close since October 2021. The 36-month Williams%R Oscillator has closed above the overbought level for the fourth time in history, a signal that has previously appeared in 2013, 2016, and 2020.

These years marked the early stages of a Bitcoin bull market. Although the bull runs have shrunk in size each time, Franzen suggests that even if Bitcoin price returns match the 2020 gain of 260%, it would result in the King Crypto hitting the $180,000 price.

See Also: Bitcoin Could Hit New All-Time High Ahead Of Halving Event, Says Crypto Analyst: ‘Going To Send The Prices Even Higher’

“Maybe this time is different and the ETFs have changed crypto market dynamics, but I think that market psychology will repeat the same way that it always has,” he said.

However, Franzen warns that these unusual events should not be seen as a guarantee of future performance.

“This study guarantees nothing. It simply tells us how market participants have behaved in the past when investor behavior was similar from a statistical perspective.”

Why It Matters: Franzen’s prediction aligns with recent bullish sentiments in the market. Alex Thorn, Head of Research at Galaxy Digital, predicted a new all-time high for Bitcoin within weeks, attributing the surge to an influx of institutional investments.

Similarly, veteran prop trader Peter Brandt suggested that Bitcoin’s unprecedented $20K monthly gain could be a “starting” candle leading to much larger gains.

Bitcoin’s recent rally to $64,000, its highest point since November 2023, was also lauded by bestselling author Robert Kiyosaki, who credited Bitcoin for “kicking the fake US dollar’s b*tt.”

Read Next: Dogecoin’s Social Sentiment Surges 600% In Single Day As DOGE Crosses 10 Cent Mark

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Michael Förtsch on Unsplash