Of Bitcoin Currently hovering around the $58,000 and $60,500 levels, determining the peak of the leading cryptocurrency asset in the ongoing bull run has been a major challenge. However, a crypto analyst has shed light on Bitcoin’s current phase and made an intriguing prediction about the coin’s potential to reach unprecedented heights in the coming months, demonstrating his unwavering confidence in BTC.

Bitcoin’s peak could reach $190,000

In an X (formerly Twitter) afterLark Davis, a renowned cryptocurrency analyst and trader, took a look at Bitcoin’s recent price developments and made a bold prediction that the cryptocurrency could peak at $190,000, likely during the next major market rally.

Davis, known for his perspective assessment of the crypto market, made this bold prediction after spotting a rainbow pattern on BTC’s chart, which is often considered a bullish indicator of a significant rally.

The Bitcoin Rainbow Chart is a charting technique that can determine whether BTC is overvalued, correctly valued, or undervalued based on past price action. In other words, it is a tool that shows the long-term price movement of BTC on a logarithmic scale.

After studying the rainbow chart, the crypto expert underlined that Bitcoin is currently in the accumulation zone. Meanwhile, during the last cycle in which the same development took place, the digital asset saw a major rally, peaking in the Fear Of Missing Out (FOMO) intensifies zone.

Should the same scenario play out in the current bull cycle, Davis expects Bitcoin to reach a new all-time high in the coming months, specifically between $150,000 and $190,000.

While Davis’ prediction is still a far cry from BTC’s current price, it adds to growing optimism about the coin’s long-term potential as investors look for the next big rally.

Davis’ prediction also matches crypto expert Sensei’s BTC price predictionwho spotted the same rainbow pattern on Bitcoin’s chart. Given the significance of the chart, Sensei has also set his base price target at the $150,000 level. “$150,000 is the minimum for this cycle,” he stated.

The analyst’s prediction comes as he anticipates the biggest breakout ever for BTC, which could see the underlying asset’s value soar to unprecedented heights in the current times. bull cycleIf the coin reaches the expected $150,000, it will represent an increase of almost 200% from its current trading price.

BTC to Recover $72,000 This Month

While Sensei predicts BTC will reach $150,000 in the long term, he has placed its short-term price target at the $72,000 threshold, indicating a significant recovery from the current bearish momentum caused by a broader stock market crash last Monday.

Following the negative development, Sensei noted that BTC bears have returned and are once again discussing an extended drop towards $53,000 and $49,000. However, the expert turned the idea around and predicted that the asset will recover to $72,000 before August closes.

Main image from iStock, chart from Tradingview.com