Analyst Tony Severino revealed that the price of Bitcoin is currently $137,000. This has raised questions about whether this is the highest point the flagship cryptocurrency can reach in this market cycle, to which the analyst also provided some answers.

Bitcoin’s price ceiling is $137,000

Tony Severino mentioned in post X that Bitcoin’s current price ceiling is $137,000 while the floor price is around $39,000. He noted that investors could double their investments from Bitcoin’s current price if the cryptocurrency achieved this goal. Meanwhile, decrease to the current level represents a decline of 50%.

When asked if the goal was $137,000 bull peakthe analyst replied that his target was between $160,000 and $180,000. He noted that $137,000 is just the upper limit for this month and increases over time. As such, his top market goal of $180,000 may become more realistic in the next few months.

While there is no word on whether Bitcoin’s price will hit the $137,000 ceiling or even the $180,000 upper target, it is almost certain that the flagship cryptocurrency may never fall to the $39,000 level again. This is based on historical trends that show that Bitcoin will never fall below pre-election levels after US presidential elections they came to a conclusion.

Therefore, the next stage of the bull market has probably begun, and the flagship cryptocurrency will likely continue to reach modern highs in the coming months. In Post Xcryptocurrency analyst Jelle revealed that Bitcoin’s price has returned to an upward trend after seven months of sideways movements. He added that it shouldn’t be long before the falling wedge pattern on Bitcoin’s chart begins to rise towards a potential target of $100,000.

The most bullish backdrop for Bitcoin right now

Crypto analyst CrediBULL, who was previously bearish, said this could possibly be the most bullish backdrop for Bitcoin as the election ends Donald Trump’s victory. He added that if these are the fundamentals driving the market, Bitcoin’s price is unlikely to fall to $68,000 again.

He also suggested that this could be the perfect time for Bitcoin’s price to rise reach $100,000 could have started. However, he warned that any breaches of the $68,700 level would “drastically” weaken the bulls’ case and further strengthen the bears’ case.

Analyst Justin Bennett he also commented on the potential escalate in the price of Bitcoin to $100,000. He said that if risky assets survive today’s FOMC Fed meeting, it could be the move toward $100,000 that everyone has been waiting for.

According to data from CoinMarketCap, Bitcoin is trading at around $74,800 at the time of writing, having risen over the past 24 hours.

Featured image created with Dall.E, chart from Tradingview.com