Bitcoin (BTC) Price Prediction: Can BTC Go Higher After Reclaiming $100k?

Bitcoin is showing bullish signs as it climbs back above the important $100k mark. Trade tensions are easing slowly and altcoins are also starting to rise.

Bitcoin (BTC) is back above the $100,000 mark after a strong recovery from last month’s lows, largely driven by a decline in trade tensions and the beginning of a recovery in altcoins.

As market sentiment improves, many are wondering how high Bitcoin can go from here, with several analysts now setting their sights on the next key resistance levels.

Bitcoin’s Surprising Recovery From Monthly Lows

Bitcoin’s recovery to the $100,000 mark is a significant milestone, especially considering it dropped to as low as $74,000 last month during the peak of trade tensions.

This swift rebound suggests that perhaps Bitcoin is setting the stage for another push toward even higher levels, such as the $109,000 zone, which was the last point of resistance during the recent rally.

However, it’s worth noting that altcoins haven’t quite managed to recover as strongly yet, with most still trading far below the 2024 highs they hit earlier in the year.

Analyst: Bitcoin Just Completed 1st ‘Price Discovery Correction’

Breaking down Bitcoin cycles further, analyst Rekt Capital says that in 2017, Bitcoin went through four “Price Discovery Corrections” before finally reaching the top.

In 2021, it went through three such corrections during its bull cycle, which was largely cut short by the liquidity crisis.

But in the current cycle, Bitcoin has just completed the first of these corrections, which could indicate that we are still in the early stages of the bull cycle and a bigger rally could be coming soon.

Chart: Rekt Capital

The crypto market also saw over $925 million in liquidations in the last 24 hours, with $800 million of that being from short positions, the biggest short squeeze since 2021.

There are still large sell orders placed close to Bitcoin’s all-time high of $109,500, which bodes well for further upward potential.

Moreover, the analysis of moving averages and MACD still shows strong support for Bitcoin and the potential for the upward trend to continue.

Finally, Bitcoin has recently formed a bull flag pattern, which typically occurs during periods of consolidation after a rally and could be setting the stage for another leg up.

The Fear and Greed Index has also moved back into greed territory, highlighting increasing buying activity and interest in cryptocurrencies.

Bitcoin’s Next Targets: $106K, $170K, or $200K?

Crypto analyst AlphaBTC says that Bitcoin is trading inside an ascending channel and its next target could be $106,000 or higher before it undergoes any correction.

Analyst Egrag Crypto believes that if Bitcoin manages to break above the $109K resistance, then it could be en route to $170K by the end of the year.

However, Binance CEO Changpeng Zhao is even more bullish, predicting that Bitcoin could hit between $500,000 and $1 million in this bull cycle.