Bitcoin Price Predictions: Analysts Bullish on $90,000 and Above
If you’re following the latest Bitcoin price predictions, you may have come across some bullish forecasts for the leading cryptocurrency. Analysts are projecting significant price increases for Bitcoin, with some suggesting that the coin could soar to $90,000 and even reach above $100,000 in the coming months based on historical price action and market trends. Here’s a breakdown of what these analysts are saying about the potential future of Bitcoin:
Analyst Projections Based on Historical Data
One analyst on platform X recently made a bold prediction regarding Bitcoin’s price trajectory. By analyzing price action from late 2022, the analyst observed a significant collapse in Bitcoin’s price to as low as $15,500, followed by a sharp recovery throughout 2023 and into Q1 2024. Based on this historical data, the analyst believes that Bitcoin could surge to at least $90,000 and potentially reach $100,000 in the near future.
- Bitcoin’s price collapsed to $15,500 before bouncing back sharply
- Based on historical data, the analyst predicts a surge to $90,000 and beyond
Key Support Levels and Uptrend Momentum
Another analyst on platform Y emphasized the importance of Bitcoin remaining above $60,000 to sustain its upward momentum. By maintaining this key support level, the analyst expects Bitcoin to embark on a new leg up that could see the coin rally as high as $95,000 by August 2024. This projection is based on the analyst’s belief that price action in the crypto market follows fractal patterns, leading to repetitive movements over time.
Additionally, a third analyst highlighted the significance of a key support trend line that Bitcoin recently retested after prices dipped to $56,500. This analyst anticipates that a breakout above the current all-time high of $73,800 could trigger further price increases and turn the market sentiment bullish.
- Maintaining support above $60,000 is crucial for Bitcoin’s uptrend
- A breakout above $73,800 could signal further bullish momentum
Impact of Inflation and M2 Money Supply on Bitcoin Prices
As global markets become more intertwined with the introduction of Bitcoin ETFs, traditional financial events and metrics are starting to affect crypto prices. One key factor that analysts are closely monitoring is inflation, particularly in the United States where inflation rates have remained above the Federal Reserve’s benchmark of 2%. This higher-than-expected inflation has limited the Fed’s ability to further reduce interest rates.
- Bitcoin ETFs are now connected to global financial markets
- Higher inflation rates in the US have implications for interest rates
Moreover, while inflation rates may be easing from the highs seen in the previous years, the M2 money supply in the United States continues to rise according to economic data. Previous increases in the M2 money supply have coincided with significant bull runs in the cryptocurrency market, pushing Bitcoin to new all-time highs. This trend suggests that the growth in money supply could potentially fuel another surge in Bitcoin’s price in the future.
Hot Take: Bitcoin Bulls Eyeing Major Breakouts as Price Targets Soar
Bitcoin price action might be dicey, undergoing a major corrective phase. However, even as $60,000 looks slippery for upbeat bulls, some analysts are optimistic that the coin is ready for a strong leg up. Going by past price action, analysts maintain that the coin will surge above $73,800 and register fresh all-time highs closer to or higher than $100,000 in this projected expansion.
Inflation has been higher than the benchmark 2% in the United States, an obstacle preventing the Federal Reserve from slashing rates further.
The last time it grew, it triggered a bull run that forced the coin to fresh all-time highs of around $70,000.
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