Bitcoin price movement can be risky, as it is going through a major corrective phase. However, although $60,000 seems slippery for optimistic bulls, some analysts are optimistic that the coin is ready for a strong rally.
Based on the previous price action, analysts assert that the coin will rise above $73,800 and record all-time highs near or above $100,000 in this expected expansion.
Historical price action puts BTC above $90,000 in the coming months
One of the analysts, posting on platform X, progress It's a bold prediction based on price action from late 2022. Bitcoin then crashed spectacularly to a low of $15,500 before rebounding sharply throughout 2023 and the first quarter of 2024.
So, if Bitcoin follows this formation, the coin will rise to $90,000 and even reach $100,000. While the timeframe for this potential increase remains unclear, another analyst on the Y platform shared a specific prediction.
In a post on This resilience will form the base for a rally that will see Bitcoin rise to a level of $95,000 by August 2024. The analyst explains that the timing of this potential peak is because price action is fractal and therefore tends to rhyme.
Further strengthening this bullish outlook, another analyst male After prices fell to as low as $56,500 this week, they retested the key support trend line.
Since this trend line is holding up, the analyst predicts that “it is only a matter of time” before prices rise. However, prices will turn green if there is a close above the current all-time high of $73,800.
Inflation remains high and M2 supply is growing in the US
With the approval of Bitcoin exchange-traded funds (ETFs), Bitcoin is now intertwined with global markets. Accordingly, major events in traditional finance are likely to impact cryptocurrency prices and sentiment. One of the main metrics that investors and analysts watch is inflation.
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Inflation has been higher than the benchmark rate of 2% in the United States, an obstacle preventing the Fed from lowering interest rates further.
However, even as inflation declined – from the 2021 to 2024 cycle – the M2 money supply remained low. to riseAccording to unique economic data. The last time it grew, it sparked a bull run that forced the coin to reach all-time highs of around $70,000.
Featured image from Canva, chart from TradingView
