As a seasoned cryptocurrency analyst with over a decade of experience in the financial markets, I have witnessed the incredible volatility and transformative potential of Bitcoin. With more than 114,000 followers on X social media platform, I have closely observed the trends and developments within this dynamic sector.
According to cryptocurrency analyst Ted, with over 114,000 followers on the X social media platform, there’s a strong possibility that the price of Bitcoin, the leading digital currency, may reach an astounding height of $180,000 during this market cycle.
The cryptocurrency authority expresses his viewpoint that Bitcoin is exhibiting remarkable resilience, defying several challenges.
According to U.Today’s report, Mt. Gox creditors have been massively receiving their payments on Kraken and other platforms, leading to increased selling activity.
Additionally, on Wednesday, there was a significant sell-off in US tech stocks that typically follow Bitcoin’s price movements. This marked the most substantial decline for these stocks since early 2022.
In spite of the bearish influences, Bitcoin underwent a minimal price decrease, as shown by CoinGecko’s figures. The digital currency is presently being traded at a price of $64,815, bouncing back from its intraday low of $63,514.
An analyst has observed that Bitcoin’s price has been gathering strength beneath its previous high reached in March after the successful debut of several Bitcoin spot exchange-traded funds (ETFs) in January. At some point, this accumulation period will conclude.
According to cryptocurrency experts, a potential interest rate reduction by the Federal Reserve later this year could serve as the primary bullish factor for Bitcoin. The financial markets are anticipating this move with near certainty, with September being the widely predicted month for the long-awaited rate cuts.
How high can Bitcoin go?
Notably, Peter Brandt, a well-known commodity trader, anticipates Bitcoin reaching a peak of $150,000 during this market cycle. Similarly, Tom Lee from Fundstrat frequently mentions this price target, attributing it to the expected decline in inflation serving as a significant bullish factor.
Mike Novogratz, a wealthy investor in cryptocurrencies, has frequently predicted that the value of Bitcoin might reach into the six-figure range by the end of 2021.
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2024-07-25 23:11