Bitcoin’s price is causing a stir among crypto analysts, with some predicting a significant drop while others remain bullish.
Bearish Prediction: A Potential Plunge
Crypto trader Justin Bennett, who boasts over 115,000 followers on X (formerly Twitter), is predicting a Bitcoin price drop. He believes Bitcoin is facing strong resistance around $106,061 and anticipates a pullback. His price targets suggest a potential fall to $98,600, and then further down to $91,800. He’s even maintaining a short position on BTC, betting against its price rising. Bennett also points out a correlation between Bitcoin’s price and the S&P 500, suggesting a potential market correction could impact Bitcoin’s price.
Bullish Outlook: Reaching New Highs
Conversely, another influential trader, Pentoshi, with a following of 850,000 on X, is optimistic about Bitcoin. He predicts a rise to $120,000, arguing that the market has had ample opportunities to sell off but hasn’t, suggesting underlying strength. He highlights strong demand for Bitcoin ETFs as a further bullish indicator, believing that eventually, this buying pressure will overcome selling pressure and push prices higher. He acknowledges the path won’t be a straight line, but remains confident in his prediction.
Current Market Conditions
At the time of writing, Bitcoin is trading at $102,549, down 2.1% in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
/p>
