As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the ups and downs, the ebbs and flows of this dynamic market. I’ve learned to take each piece of news with a grain of salt, but when it comes to Bitcoin (BTC), I can’t help but feel a surge of excitement upon seeing its recent climb to $61,386.
Bitcoin (BTC) has regained an important price point today and indications suggest further increases may follow in the near future. Currently, BTC is being exchanged at $61,386 following a rise of 4.29% over the past day. It’s worth mentioning that just 12 hours ago, it was trading close to $58,000.
As a result, Bitcoin’s spike to $61,386 is seen as a strong upward trend, potentially marking the beginning of a substantial price increase. Cryptocurrency analysts are optimistic about Bitcoin’s price forecast following this impressive recovery. For example, well-known crypto expert Jelle predicts that BTC could reach $140,000 by the end of this year.
Major Bitcoin price prediction
Earlier today, an analyst tweeted that Bitcoin is currently within a large, downward-slanting and widening triangle pattern called a descending and broadening wedge. Importantly, this price level sits just above the significant $60,000 mark. The analyst added that as we enter the final part of the year, traders shouldn’t have to wait much longer for Bitcoin to begin moving upward.
Jelle anticipates that Bitcoin’s final goal in this cycle will be approximately $140,000. To reach this point from the current prices, Bitcoin must increase by about 128%. Given that Bitcoin has already risen by 109.2% over the past year, such a significant growth may not seem impossible.
Therefore, reaching a 128% growth is possible for the top cryptocurrency as well, though it might require more time. This ambitious goal might not materialize by the end of this year, but could still occur sometime in 2025. If the overall financial climate shows improvement soon, Jelle’s forecast may indeed prove accurate.
The effects of recent milestones such as the debut of Bitcoin spot ETFs and the Bitcoin halving event have yet to fully materialize in the market. Many experts anticipate that these developments will ultimately lead to a bullish trend, suggesting that Bitcoin may reach a new record high (ATH) soon.
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2024-08-14 18:11