Cryptocurrency markets remain volatile, heavily influenced by geopolitical events like the opening and closing of the Strait of Hormuz. Analyst Merlijn The Trader suggests Bitcoin’s price could reach $240,000 if it breaks above $78,000, drawing parallels to past cycles where the asset surged after shaking out sellers. Meanwhile, data from CoinCodex projects a more gradual climb, forecasting Bitcoin could reach that level by October 2034.
Bitcoin’s price has recently experienced volatility linked to geopolitical uncertainty in the Strait of Hormuz. This dynamic continues to be a primary driver for the asset’s price movements.
Analyst Merlijn The Trader has drawn a significant conclusion about Bitcoin’s potential price path. He compared current market behavior to past cycles where Bitcoin broke above predicted barriers.
“THE FAKEOUT IS YOUR ENTRY,” the analyst stated on social media. He noted that Bitcoin ran to $65,000 after breaking below its 2017 all-time high of $19,000 and shaking out sellers.
Merlijn suggested a similar pattern could be playing out now around the 2021 high of $65,000. He proposed that a break above $78,000 could trigger a measured target of $240,000.
Independent data from CoinCodex provides a different technical timeline for such a price milestone. The platform forecasts Bitcoin could hit $240,000 by October 2034.
CoinCodex models also project Bitcoin reaching approximately $82,000 by the end of 2026. Longer-term forecasts suggest prices of $166,372 by 2030 and over $1.4 million by 2050.
These predictions come amid broader institutional interest in cryptocurrency exposure. Market participants continue to monitor both technical patterns and external geopolitical factors.
