Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin to $200K? Analyst’s Bullish Take

Bitcoin to $200K? Analyst’s Bullish Take

CoinspeakerCoinspeaker2025/04/09 16:00
By:By Parth Dubey Editor Hamza Tariq

Crypto analyst Ali Martinez used the Mayer Multiple to predict that Bitcoin could skyrocket to $208K if it breaks above $86,900.

Key Notes

  • Bitcoin could skyrocket above the $200,000 price level in the near future, as per Mayer Multiple.
  • On Wednesday, the US spot BTC ETF saw $127.2 million in net outflows, as per SoSoValue.
  • Bitwise CIO Matt Hougan remains adamant on the fact that Bitcoin will soar to $200,000 by year-end.

Bitcoin (BTC) is showing renewed signs of strength, rebounding sharply after a volatile start to the week with billions being wiped off from the global crypto market cap.

The largest cryptocurrency by valuation reached a daily high of $83,541, and at press time, it was trading at $81,671.81, representing a 6% increase in the past 24 hours.

A 28.90% spike in trading volume suggests a retest of the 20-day Exponential Moving Average (EMA) at $82,630, a critical resistance level. A break above this zone could indicate the return of bullish momentum.

Mayer Multiple Hints at $208K Market Top

Crypto analyst Ali Martinez recently pointed to the Mayer Multiple, a long-term valuation metric comparing BTC’s price to its 200-day moving average.

Based on the Mayer Multiple, #Bitcoin $BTC could find solid support around $69,500. And, a breakout above $86,900 might set the stage for a market top near $208,550.

— Ali (@ali_charts) April 10, 2025

 

His chart shows that Bitcoin is approaching a historically significant breakout threshold . It illustrates previous bull cycles where Bitcoin rallied significantly after breaking above the upper oscillator band (2.4x the 200DMA). BTC is currently nearing that band again, which has often preceded parabolic moves.

BTC Price Analysis

Looking at short-term momentum, Bitcoin is trading just below the upper band of the Bollinger Bands (BB) on the daily chart, with the bands currently spanning between $77,530 and $89,221.

BTC is quite close to the middle band (20-SMA at $83,376), which aligns closely with the 20-day EMA. If Bitcoin closes above this level and maintains volume, it may attempt another move toward the upper BB resistance near $89,200.

Bitcoin to $200K? Analyst’s Bullish Take image 0

Bitcoin’s Price Chart | Source: TradingView

On the other hand, the Relative Strength Index (RSI) is currently at 46.72, signaling neutral momentum. However, its recent uptick from oversold territory indicates a potential bullish reversal forming.

If RSI crosses above 50, it could signal renewed buying interest.

ETF Outflows and Bullish Predictions

Despite the price rally, US-listed spot Bitcoin ETFs continue to experience outflows .

On Wednesday, the funds saw $127.2 million in net outflows, with BlackRock’s IBIT losing $89.7 million alone. This marked the fifth straight day of outflows, totaling $722 million.

However, adding fuel to the bullish fire, Bitwise CIO Matt Hougan reaffirmed his year-end price target of $200,000 for Bitcoin.

Despite growing trade tensions and ETF outflows, Hougan argues that the Trump administration’s tariff pause and push for a weaker US dollar could catalyze a Bitcoin breakout.

He highlighted comments from Steve Miran of the White House Council of Economic Advisers , who criticized the dollar’s role as a global reserve currency.

If the US continues to weaken the greenback, Bitcoin could benefit from its inverse correlation with the US Dollar Index (DXY).

next

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

 
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like