Bitcoin has surged back above $100k, showing positive signs in the market. Altcoins are also starting to rise as trade tensions ease. Many are now curious about how high Bitcoin can go from here.
The impressive return to $100,000 is significant, especially since it was recently around $74,000. This climb suggests Bitcoin may be gearing up to hit even higher targets, such as $109,000. However, altcoins have not rebounded as strongly and are still below their 2024 highs.
Analyst Rekt Capital noted an interesting pattern in Bitcoin’s cycles. In 2017, Bitcoin had 4 “Price Discovery Corrections” before reaching its peak, and in 2021, it only had 3. Currently, Bitcoin has just completed its first correction, indicating that we might be in the early stages of a bigger rally.
The crypto market witnessed over $925 million in liquidations in the last 24 hours, with $800 million from short positions, marking the largest short squeeze since 2021. Despite this, there are still significant sell orders near Bitcoin’s all-time high of $109,500, suggesting the rally could continue.
Bitcoin’s moving averages and MACD indicators still show strong support, and the bull flag pattern indicates the potential for more gains. The Fear and Greed Index has shifted to greed, reflecting increased buying activity and interest in the market.
Crypto analyst AlphaBTC highlighted that Bitcoin is trading within an ascending channel, with its next target potentially reaching $106,000 or higher before a correction. Another analyst, Egrag Crypto, believes that if Bitcoin surpasses $109,000, it could reach $170,000 by the year’s end. Binance’s Changpeng Zhao is even more optimistic, predicting Bitcoin could soar to between $500,000 and $1 million in this bull cycle.
Some predict that Bitcoin could reach $170,000 by the end of the year, while others, like CZ, foresee Bitcoin reaching $500,000 to $1 million in this cycle based on current trends. Analysts suggest that BTC may be early in its cycle, with only one major correction so far, similar to past cycles that led to massive rallies.
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