A prominent analyst warns Bitcoin could face heightened volatility as geopolitical tensions drive unpredictable price swings, with a bold long-term target of $240,000 still in play. The cryptocurrency's recent surge following the opening of the Strait of Hormuz reversed sharply after Iran closed the passage, underscoring the asset's sensitivity to global instability. This volatility presents both a redemption opportunity and significant risk for Bitcoin, according to market observers tracking its path toward potential record highs.

Bitcoin’s $240K Jump

Bitcoin has long been surrounded with speculations that have asserted that the asset is bound to dip further below normal price levels. Bitcoin was always expected to crash further down, but the asset has defied market expectations to come out stronger than ever. This particular emphasis was once again highlighted by Merlijn the trader, a leading crypto expert, who is predicting a new price path for the asset.

Merlijn took to X to draw a significant prediction, claiming how the Bitcoin price has a tendency to break expectations and emerge stronger than ever. The expert shared that in 2017, Bitcoin’s ATH (all-time high) was $19K, but the coin ended up claiming $65K. When it was $19K, people panicked and sold early, missing their chance on cashing in on its $65K price level.

In addition to this, Merlijn drew the same conclusion for 2021, emphasizing Bitcoin’s tendency to break above predicted price barriers. The expert went ahead a notch, claiming how Bitcoin’s price above $78K could trigger a measured target of $240K if Bitcoin continues to follow its previous price pattern, stating how these “fakeouts” can be the best entry points for investors to bank on.

THE FAKEOUT IS YOUR ENTRY.

2017 ATH: $19K. Held as support. Broke below. Everyone sold.
Then Bitcoin ran to $65K.

2021 ATH: $65K. Held as support. Now fake out. One last dump. Everyone will sell again.
Then take off?

Above $78K: $240K measured target.

They always shake you… pic.twitter.com/GzDJcDalnN

Bitcoin’s Jump to $240K: Technical Timeline

According to CoinCodex BTC stats, Bitcoin may jump to break the $240K mark by October 2034.