Crypto analyst CryptoCon has reaffirmed {that a} Bitcoin worth rally to the $166,000 goal continues to be in play. The analyst additional revealed what must occur for the flagship crypto to succeed in this bold worth goal.
What Determines The Bitcoin Price Rally To $166,000
In an X post, CryptoCon said that the Bitcoin worth merely must mirror its final yr’s transfer with a view to attain the following rung on this hyper-accurate extension in March. His accompanying chart confirmed that the following rung is on the $166,000 price level. Meanwhile, Bitcoin recorded a big worth rally between January 2024 and March 2024, a historic transfer CryptoCon believes the flagship crypto must mirror to succeed in this goal.
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The analyst remarked that it may appear ridiculous, however he asserted {that a} run to this $166,000 goal subsequent month just isn’t far-fetched. A number of days in the past, CryptoCoon predicted that the Bitcoin price could rally to $160,000 within the subsequent thirty days, which means it may hit this goal by subsequent month. These predictions undoubtedly present some optimism, particularly contemplating the downward strain that the flagship crypto is presently going through.
Meanwhile, CryptoCon additionally recommended that there was the opportunity of the Bitcoin rally to $166,000 taking longer. However, he added that the cycle isn’t over, and this worth goal isn’t going anyplace, indicating that BTC will attain it on this bull market. Market specialists like analysis agency Matrixport have additionally predicted that Bitcoin may rally to $160,000 this yr.
Meanwhile, asset supervisor Bitwise predicted that the Bitcoin worth would rally to $200,000 this yr. Standard Chartered additionally asserted that BTC reaching around $200,000 by year-end is achievable.
State Of Things For BTC
Crypto analyst CrediBULL Crypto supplied some insights into the present Bitcoin worth motion. In an X submit, he said that BTC continues to be holding the upper timeframe assist zone at $94,553. As lengthy as BTC continues to carry this assist zone, he expects some additional consolidation round this space.
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The crypto analyst additionally drew consideration to a possible PO3 that was forming for the Bitcoin worth at these ranges. He remarked that he wish to see a transfer under the lows at $94,100 after which reclaim and push to native provide proper above the final native highs.
Crypto analyst Ali Martinez additionally confirmed that the Bitcoin worth is in a consolidation phase. He revealed that BTC’s accumulation pattern rating is zero, which alerts a interval of consolidation. The crypto analyst added {that a} shift in demand right here may set the stage for the following massive transfer.
At the time of writing, the Bitcoin worth is buying and selling at round $95,800, down over 2% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture from iStock, chart from Tradingview.com
