Amid the turbulent crypto market, bullish sentiments still abound for some cryptocurrencies, especially altcoins like Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BNB), XRP, etc.
In a newly surfaced price analysis, a crypto analyst on TradingView, with the pseudonym Oaksacorn, predicted an unprecedented rally that would send XRP to an incredible price high of $249. He also said BTC could rise up to $1.2 million, but set a timeline for $43 XRP and $215,000 BTC.
Read Also: Based On 4-Year XRP Price Pattern, Analyst Sees 63% Drop From $0.93 Before Major Rally
Citing historical market trends, Oaksarcon noted that the present market pattern appears to show a glimpse of the cycle that played out between 2015 and 2018.
Describing further, Oaksarcon pointed out that the current market cycle parallels the 2015 cycle, which elicited an unprecedented bull season that extended from 2017 to early 2018.
The crypto analyst added that with this market structure, Bitcoin could ascend to $215,000, while XRP could start up with an initial increase to the $43 price level.
Per Oaksarcon, should the market continue to follow the 2015 to 2018 pattern, then the BTC price could run into millions, precisely $1.247 million. On the other hand, XRP would find itself attaining the $249 price mark.
Projected BTC and XRP price highs of $1.247 million and $249 would imply tremendous spikes in the range of 4,652% and 49,700%, respectively, from current prices of $26,237 per BTC and $0.5 per XRP.
Hinting at a possible timeframe for his price projection to start playing out, Oaksarcon mentioned that BTC and XRP could hit the predicted prices of $215,000 and $43 in September 2024.
It’s worth noting that this predicted timeline is after the periodic Bitcoin halving that historically turns bullish for BTC and the rest of the crypto market in the long term. The halving event is estimated to play out in April 2024.
Finally, Oaksarcon warned that market cap for companies and digital assets are different entities that should be analyzed differently. He remarked, “Market Cap for companies is not the same as Market Cap for virtual currencies. Do not let the market cap concept smother your potential.”
Meanwhile, while the above analysis might appear bullish for both XRP and Bitcoin, a previous prediction by Nicholas Merten that noted a $440 billion loss in the overall crypto market capitalization was published earlier by Timestabloid. It highlighted the impacts of the projected bloodbath on BTC’s market value.
According to Merten, BTC could drop by 43%, finding support between $15,000 and $16,000. It is left to see how events unfold, as any of these forecasts would play out in the long run.
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