Cryptocurrency analyst Kevin Cage shared his analysis on the current state of the market, focusing on Bitcoin’s possibility of achieving an all-time high price in 2024. Cage began by discussing his reasons for believing in Bitcoin’s upward trajectory, citing historical data and technical indicators.
Cage began by stressing his belief in Bitcoin’s ability to achieve an all-time high price shortly. He pointed to historical trends and technical indicators, such as the 50% Fibonacci retracement level and the importance of monthly RSI levels. According to his analysis, Bitcoin could reach a new peak between March 18th and May 27th of the current year, with price targets ranging from $80,000 to $150,000 based on Fibonacci extensions.
The analyst also addressed potential bearish concerns, including the possibility of Bitcoin retracing to around $20,000, explaining the importance of key support levels and chart patterns. Despite discussing the speculative nature of price predictions, Cage provided a detailed overview of the factors influencing Bitcoin’s price trajectory. Drawing parallels with previous market cycles, Cage pointed out that Bitcoin has consistently surged to record levels after surpassing this critical retracement level.
Coming to altcoins, Cage discussed his recent investment in Cubic, a relatively new project in the AI sector. He mentioned Cubic’s founder, who was previously involved in developing Iota, underscoring the project’s potential for growth in the burgeoning AI-driven cryptocurrency space. Cage explained Cubic’s unique use case and the significance of computational power in solving AI-related tasks.
Regarding price targets for Cubic, Cage noted the challenges posed by its initial supply and distribution model, which includes a weekly release of one trillion tokens over 19 years. However, he expressed optimism about the project’s deflationary mechanisms and fair launch.
