With Bitcoin currently fluctuating across the $58,000 and $60,500 levels, determining the flagship cryptocurrency asset’s peak in the continued bull run has been a serious challenge. Nonetheless, a crypto analyst has make clear the present stage of Bitcoin, offering an intriguing prediction in regards to the coin’s potential to hit unprecedented heights within the upcoming months, demonstrating his unwavering trust in BTC.

Bitcoin’s Peak Could Hit $190,000

In an X (formerly Twitter) post, well-known cryptocurrency analyst and trader, Lark Davis delving into recent price developments of Bitcoin made a daring projection that the crypto asset might reach a peak of $190,000, probably through the next major market surge.

Davis known for his perspective evaluation of the crypto market, made the daring forecast after spotting a Rainbow pattern formation on the chart of BTC, which is commonly considered a bullish indicator for a major rally.

The Bitcoin Rainbow Chart is a method for charting that may determine if BTC is overpriced, properly valued, or undervalued based on past price actions. In other words, it’s a tool that shows the long-term price movement of BTC on a logarithmic scale.

After examining the rainbow chart, the crypto expert underlined that Bitcoin is presently in the buildup zone. Meanwhile, through the last cycle when the identical development took place, the digital asset saw a serious rally, topping out within the Fear Of Missing Out (FOMO) intensifies zone.

Within the event that the identical scenario occurs in the continued bull cycle, Davis anticipates Bitcoin to achieve a recent all-time high, particularly between the $150,000 and $190,000 price levels within the upcoming months.

Although Davis’ prediction continues to be a bit far off from the present price of BTC, it adds to the growing optimism in regards to the coin’s long-term potential as investors sit up for the following major rally.

Davis forecast also aligns with crypto expert Sensei’s BTC’s price prediction, who has spotted the identical rainbow pattern on Bitcoin’s chart. Considering the importance of the chart, Sensei has also set his base price goal on the $150,000 level. “$150,000 is the minimum for this cycle,” he stated.

The analyst’s prediction is a component of his expectation of the largest breakout ever for BTC, which could see the worth of the underlying asset rising to unprecedented heights in the present bull cycle. Should the coin reach the anticipated $150,000, it represents an almost 200% increase from its present trading price.

BTC To Recuperate $72,000 Mark This Month

While Sensei predicts BTC to achieve $150,000 in the long run, he has placed his short-term price goal on the $72,000 threshold, suggesting a major rebound from the present bearish momentum triggered by a broader market crash last Monday.

Following the negative development, Sensei noted that BTC bears have returned and are once more discussing an prolonged drop to $53,000 and $49,000. Nonetheless, the expert has overturned the notion, while forecasting that the asset will get well to $72,000 before August closes.

Featured image from iStock, chart from Tradingview.com