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Bitcoin is showing bullish signs as it climbs back above the important $100k mark. Trade tensions are easing slowly and altcoins are also starting to rise. With the market sentiment improving, many are wondering how high Bitcoin can go from here.
Bitcoin’s impressive surge back to $100,000 is a big win, especially since it was hovering around $74,000 just last month. This rebound shows that Bitcoin might be gearing up to hit even higher targets, like $109,000. Altcoins haven’t recovered so strongly yet, still far behind their 2024 highs.
Bitcoin’s Bull Cycle Just Getting Started?
Analyst Rekt Capital pointed out something interesting about Bitcoin cycles. In 2017, Bitcoin had 4 “Price Discovery Corrections” before reaching its peak, and in 2021, it had 3. In the current cycle, Bitcoin has just finished its first one, which could mean that we are still in the early stages, and a bigger rally could be coming soon.
The crypto market saw over $925 million in liquidations in the last 24 hours, with $800 million of that being from short positions, the biggest short squeeze since 2021. There are still big sell orders near Bitcoin’s all-time high of $109,500, which shows that the rally could continue longer.
Moving averages and MACD still show strong support, and the upward trend could keep going. Bitcoin’s recent bull flag pattern also indicates potential for more gains ahead. The Fear and Greed Index has also moved to greed, with increased buying activity and interest.
Bitcoin’s Next Targets: $106K, $170K, or $200K?
Crypto analyst AlphaBTC pointed out that Bitcoin is trading within an ascending channel and its next target could be $106,000 or higher before it undergoes any correction.
Analyst Egrag Crypto thinks that if Bitcoin breaks $109K, it could reach $170K by the end of the year. Binance’s Changpeng Zhao is even more optimistic, predicting Bitcoin could hit between $500,000 and $1 million in this bull cycle.
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