Bitcoin (BTC) Analysts Project $200K+ Price Target as Bulls Regain Control

July 19, 2024 CryptoExpert Bitcoin
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Bitcoin's $100,000 Target: Analysts Predict Sideways Range to End Soon


TLDR

Bitcoin’s price has rallied about 21% since a recent low, breaking through several technical levels
Analysts expect Bitcoin to push higher, with potential targets of $69,000 and $74,000
Some analysts are forecasting Bitcoin could reach $200,000 or higher based on historical patterns and miner capitulation cycles
Bitcoin needs to reclaim and hold above $65,000 to confirm the bullish outlook
US spot Bitcoin ETFs have seen significant inflows, which could support further price increases

Bitcoin’s recent price rally has reignited bullish sentiment among crypto analysts, with some forecasting potential highs of $200,000 or more in the coming months. The world’s largest cryptocurrency has seen a significant recovery, rallying approximately 21% since its recent low on July 5.

Several technical indicators and on-chain metrics are pointing towards continued upward momentum for Bitcoin.

Glassnode co-founder Negentropic noted that Bitcoin has flipped several key levels into support, including the 200-day exponential moving average (EMA) at $58,448 and the $62,600 area embraced by both the 50-day and 100-day EMAs.

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The next significant levels analysts are watching are $69,000 and $74,000. Trader Tardigrade identified a bull flag pattern on the daily chart, suggesting a potential move to $74,000. However, Negentropic emphasized that Bitcoin must first reclaim its previous all-time high of $69,000 before confirming a rally to new heights.

Despite facing resistance around $65,000, Bitcoin’s price action remains bullish according to chartered market technician Aksel Kibar. He noted that Bitcoin’s reluctance to back off from this resistance level is “very bullish long-term” and could signal a pending breakout.

Some analysts are making even more optimistic projections based on historical patterns. Pseudonymous analyst Cryptonary pointed to Bitcoin’s miner capitulation cycles, suggesting that the end of the current capitulation period could lead to a price peak of $223,000. This projection is based on an exponential decay model and historical post-halving price increases.

Michael van de Poppe, founder of MN Capital, stated that if Bitcoin moves above and holds $65,000, backed by “consistent institutional inflow,” it could climb to $100,000.

Meanwhile, independent analyst Cryptocon drew parallels between the current market structure and previous cycles, suggesting that Bitcoin could be preparing for “the most important cycle price action” once it flips the previous all-time high into support.

Supporting these bullish projections are significant inflows into US spot Bitcoin ETFs. Data from Farside Investors shows that these ETFs saw their highest day of inflows since early June, amassing $422 million worth of BTC on July 16 alone. Since July 5, over $1.91 billion has flowed into these funds, potentially providing strong support for Bitcoin’s price.

While the overall sentiment is bullish, Bitcoin still faces challenges. The cryptocurrency needs to decisively break and hold above the $65,000 level to confirm the bullish outlook. Additionally, as with all financial markets, unforeseen events or regulatory changes could impact Bitcoin’s trajectory.





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