Analyst Predicts Bitcoin Peak of $300K Despite Bearish Mood

The regression model suggests that a return to the trend midline could lift Bitcoin to $175K, with the upper band targeting $300K.

A prominent analyst is pushing back against growing fears that Bitcoin (BTC) is entering a prolonged downturn.

The market technician uses historical price models to show that the current weakness is a typical pause within a larger uptrend, paving the way for a future peak that could exceed $300,000.

A plea for a continued bull run

In an October 24 post on

The analysis shows Bitcoin is currently trading at the lowest level against its historical trend channel since 2012. And rather than seeing a sign of doom, the analyst described this as an excellent buying opportunity, similar to patterns we saw before major price increases in the past.

“Historical data never lies,” wrote EGRAG. “Every macro cycle in Bitcoin history shows the same pattern: BTC consolidates within an ascending (rising) channel before breaking out massively to the upside.”

He noted that this had happened at least three times before and that he is currently “resetting up.” According to this model, a return to the channel centerline would imply a price of around $175,000, with the upper band of the trend pointing towards $250,000 to $300,000.

This perspective directly challenges other commentators, such as Dr. Profit, which warned in an earlier report that a drop below $101,700 would confirm a bear market.

Observers like Axel Adler Jr. have also hinted that the recovery is on track. Earlier today he pointed out that the price has remained unchanged above a key level at $109,800, and a host of bearish short positions could give the market an opportunity push it should make a big move higher once volatility calms down.

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Meanwhile, data from CoinGecko shows BTC trading around $111,355, after a sharp decline last week that saw it fall below $105,000. While the flagship cryptocurrency is still down about 8% over the past two weeks, it is up more than 6% over the past seven days.

Macroeconomic forces and market psychology

The broader financial landscape also offers reasons for optimism. Investment firm VanEck stated in a recent market report that the October price drop was not the start of a bear market, but rather a “liquidity-driven mid-cycle reset.” It also emphasized that growth in the global money supply, or M2, will remain an important factor in Bitcoin’s long-term value.

This sentiment is reflected by its connection to traditional markets. According to Adler, the S&P 500 is in a ‘risk-on’ mode and its moderate positive correlation with Bitcoin means that if stocks remain stable, cryptocurrency advantage. Also crypto podcaster Luke Martin shared Data on