Bitcoin’s upward momentum continues, reaching $68,000 today. Analysts speculate on when it will hit a new high.
$70,000 Within Reach
Crypto analysts are bullish on Bitcoin, believing it could soon reach a new peak. It recently touched $68,000 for the first time in almost 3 years.
Cryptocurrency analyst Crypto Jelle predicts Bitcoin is “inches away” from record highs. He notes that it attempted to break through its current peak but failed. However, he believes it’s retesting key technical indicators and could trigger a bounce to $70,000.
Fear and Greed Index Soars
As Bitcoin rallies, its fear and greed index has also skyrocketed. However, Jelle cautions against interpreting this as a sign of a pullback. He points out that the index was higher when Bitcoin surpassed $20,000.
Long-Term Target: $150,000
Fundstrat’s head of research, Tom Lee, also expresses optimism for Bitcoin. He believes it’s heading back to its long-term trendline and sets a short-term price target of $82,000. Lee also predicts a long-term target of $150,000 before the end of the year.
Current Market Data
Bitcoin currently trades at $66,710, up over 2% in the past day and 18% in the past week. Its market cap and trading volume have also increased.
