A crypto analyst, CryptoCon, thinks Bitcoin could still hit $166,000. Let’s dive into their prediction and what it means.
The $166,000 Prediction: A Repeat of History?
CryptoCon believes Bitcoin just needs to repeat its price surge from early 2024 to reach this ambitious target. Their chart shows this next price level at $166,000. Basically, they’re saying if Bitcoin can do what it did earlier this year, it’ll hit $166,000 next month. While it sounds crazy, they’re standing by this prediction.
A few days earlier, CryptoCon even predicted a $160,000 price point within 30 days. These predictions are pretty optimistic, especially considering Bitcoin’s recent price dips.
However, CryptoCon acknowledges that it might
take longer than a month. But they’re confident that this bull market will eventually see Bitcoin reach $166,000. It’s not just CryptoCon; other experts like Matrixport ($160,000) and Bitwise ($200,000) also have bullish predictions for Bitcoin this year. Standard Chartered even thinks Bitcoin could hit around $200,000 by the end of the year.
Bitcoin’s Current Situation: Consolidation or Something More?
CrediBULL Crypto sees Bitcoin holding a key support level around $94,553. As long as it stays above this, they expect some sideways movement (consolidation). They’re also watching for a potential price pattern that could signal a breakout. They’re looking for a dip below $94,100, followed by a recovery and a push higher.
Analyst Ali Martinez agrees that Bitcoin is currently consolidating. He points to a “zero” accumulation trend score, confirming this period of sideways trading. A shift in buyer demand, he says, could trigger the next big price move.
At the time of writing, Bitcoin is trading around $95,800, slightly down for the day.
