Key Takeaways:

Defamed crypto analyst Ben Armstrong fixed a $200,000 price target for Bitcoin.

BTC’s price is struggling to consolidate above $34,000.

The token has formed a bearish technical pattern.

NEW DELHI (CoinChapter.com) — Crypto analyst Ben Armstrong has boldly claimed that Bitcoin (BTC) would reach a price tag of $200,000 per token by the end of 2024.

Armstrong, who used to by the name ‘Bitboy Crypto‘ before a falling out with his partners, predicted his program ‘Crypto Crossfire.’

However, it wasn’t only Armstrong who was bullish on Bitcoin price’s future. The Crypto Crossfire panel included JChains, Ajwritescrypto, and Wendy O. Ajwritescrypto gave BTC a price target near $100,000, while Wendo O said she saw Bitcoin price reach somewhere near $150,000 per token.

Armstrong cited several bullish predictions from people like Robert Kiyosaki (author of Rich Dad Poor Dad), who predicted BTC price to reach $135,000 to $150,000. The analyst also mentioned Anthony Scaramucci, founder of SkyBridge Capital, who predicted Bitcoin price would be $750,000 by 2030.

The former ‘Bitboy‘ stated that BTC would reach the predicted price tag by mid-2025 or the end of 2024. Furthermore, Armstrong predicted that Bitcoin price had a “great chance” of reaching $50,000 before the upcoming halving event.

Ben Armstrong recently started a new YouTube channel after a series of dramatic events in Sept. 2023 ended with him getting arrested.

The former Bitboy Crypto host got arrested while trying to recover his Lamborghini, which Armstrong alleged was in the possession of a former business associate. Earlier, ‘Bitboy ‘had shared a tweet about doing a live stream from a “very special location.”

Bitcoin Price Rally Cooling Down

Bulls struggle to remain above $34,000 as bears mount the selling pressure against Bitcoin. Long upper wicks on BTC’s recent daily candles highlight the bearish pressure against the prime cryptocurrency.

BTC price rallied 2% on Oct. 28 to register a daily high near $34,500 before paring gains. Bitcoin prices recently hit yearly highs near $35,000 but failed to hold above that level. Since then, the BTC price has been trying to consolidate near $34,500.

The RSI for BTC remained overbought for the eighth consecutive day, clocking a score of 81.36 on the daily charts. Overbought RSI levels have historically preceded a reversal or consolidation phase for assets, so traders consider the occurrence a bearish signal.

If the selling continues, Bitcoin price risks a fall to the support near $33,140. Moreover, breaking below the immediate resistance could force bulls to defend the 20-day EMA (the red wave) support near $30,800. A clear breakdown below the immediate support could attract short traders.

Conversely, if BTC price starts another rally, the cryptocurrency token would face resistance near $36,200. Moreover, breaking and consolidating above the immediate resistance might open the opportunity for Bitcoin price to target the resistance near $38,350.

BTC Price Moving Inside Bullish Pattern

Meanwhile, Bitcoin price is moving inside a bullish technical pattern called the ‘Ascending Triangle.’

The technical pattern forms when the price fluctuates inside a pair of falling trendlines that converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside.

One key feature of the pattern is that volumes usually decline as the trendlines converge. The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines.

Per the rules of technical analysis, BTC price could theoretically rally 276% to reach the projected price target near $128,000, which still falls short of Armstrong’s prediction.

The post Disgraced Crypto Analyst BitBoy Sees Bitcoin at $200K appeared first on CoinChapter.

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Filed under: Bitcoin - @ October 28, 2023 8:18 pm