Bitcoin (BTC) Price Poised For $100K Surge: Top Analysts Weigh In!
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Bitcoin’s recent performance has been anything but smooth. After hitting a high of $65,000, Bitcoin has slipped back to $63,801, showing a lot of ups and downs in just one day. This sudden change has many people wondering where Bitcoin is headed next.
With Bitcoin’s price action remaining uncertain, popular crypto analysts are stepping in to offer their insights and predictions on what might come next.
Bullish Breakout Ahead
According to prominent crypto trader Mags, Bitcoin’s recent sideways price action could be setting the stage for a major move. Mags notes that Bitcoin has been consolidating within a range for the past 25 weeks. Historically, such consolidation periods can last between 8 to 30 weeks before a significant price shift occurs.
Despite the ongoing consolidation, Mags highlights that Bitcoin is still in a bullish trend. If Bitcoin follows its historical pattern, the next phase could see a powerful breakout.
As per Mags monthly chart analysis, Bitcoin might first approach the $78,000 mark before potentially surging to a major milestone of $100,000. This upcoming surge could lead to massive gains for the cryptocurrency.
BTC To Hit $100K in 6 Months
Echoing a similar bullish stance well-known crypto analyst Jelle suggests that despite the recent sideways movement, Bitcoin is poised for significant growth.
According to Jelle, this current phase of minimal price movement is crucial for Bitcoin’s next big move. He expects Bitcoin could surge to $100,000 within the next six months as the market gears up for a substantial rise.
Fed Hint Rate Cut In Sept
Adding bullishness to the bitcoin movement is the recent hint by FED chair Jerome Powell regarding a possible interest rate cut in September month. Meanwhile, bitcoin has recently surged to $65,000 for the first time in nearly three weeks, before correcting back to $63,859.
This news has had a notable impact on risky assets, including stocks and cryptocurrencies. When rates go down, it can make these investments more appealing because it costs less to borrow money and investors are encouraged to invest more.
Bitcoin Faces Resistance at $64,000
If Bitcoin doesn’t break through the $64,000 resistance level, it might start to drop. The immediate support level to watch is around $63,800.
If the price falls further, the first major support is at $63,500, followed by the next support level near $62,800. If losses continue, the price could eventually move toward the $61,750 support zone.
