Bitcoin (BTC) has been caught within a bearish phase over the past few days, trading below $90k. While the community remains anxious about the Bitcoin price’s future trends, experts remain optimistic. Analysts like Michael van de Poppe and Rekt Capital predict that BTC will break past this negative zone.
Notably, van de Poppe believes that Bitcoin could hit a new all-time high of $120k if BTC surges past its critical support level. Let’s break down the expert’s analysis and forecast the future trajectory of Bitcoin.
Bitcoin to Hit $120k: Key Conditions Unveiled
As Bitcoin hovers below $90k, analyst Michael van de Poppe shared an optimistic outlook. Van de Poppe predicts that the Bitcoin price could reach a new all-time high of $120,000 if it manages to break past $92k, a crucial support zone.
According to van de Poppe, a very solid uptrend is visible in Bitcoin’s path. While this trend is evidently poised to continue, Bitcoin could target $110k to $120k in the second quarter of 2025, if the crucial support line condition is met.
Meanwhile, Rekt Capital, another prominent crypto analyst, shared a weekly analysis of Bitcoin. According to him, Bitcoin is on the cusp of reclaiming its 21-Week EMA as support. This could pave the way for a potential breakout to $93,000.
Bitcoin and Nasdaq: A Correlation Crisis?
In a recent analysis, blockchain firm Matrixport revealed that Bitcoin’s correlation with Nasdaq appears to be nearing a critical level. As the 30-day realized correlation between Bitcoin proxy IBIT and the Nasdaq is approaching 70%, Matrixport attributes it to the recent repricing of earnings expectations ahead of Q1 earnings season and the ongoing uncertainty surrounding global economic conditions. The platform stated,
This correlation reflects the recent repricing of earnings expectations ahead of Q1 earnings season, along with ongoing uncertainty and the negative overhang from tariff discussions. As a result, Bitcoin is trading in line with the tech sector.
Historically, this correlation has only been reached twice before – and both times were followed by a 20% crash in Bitcoin’s price. Thus, the analysis signals a possible correction in the Bitcoin price in contrast to van de Poppe and Rekt Capital’s analyses. However, historical patterns suggest a potential 200% hike in BTC price.
Michael Saylor Sees Bitcoin Price Rise to $444K
Recently, MicroStrategy founder Michael Saylor offered an ambitious projection of the Bitcoin price. Saylor identifies the prevailing bearish period as a signal to the imminent bull run. He stated that Bitcoin’s bull market is about to begin, with a staggering $444,000 price point on focus.
Reinforcing Saylor’s prediction, analyst Egrag Crypto forecatsed BTC’s bullish ascendance to $444k. Egrag Crypto used Fibonacci extensions to analyze the historical price patterns of Bitcoin. While he presented four cycles A, B, C, and D, Bitcoin reached the Fibonacci extension level of 2.272 in cycle A and B. In the third cycle, BTC hit the 1.618 level. Currently, in Cycle D, the Fibonacci extension level 1.618 suggests a target of $174,000 and the 2.272 level signals the $463,000 point.
As of now, Bitcoin is trading at a price of $87,122, down 0.71%. Despite a 5.5% surge over the past seven days, the crypto saw a 9% monthly dip. Though experts see a major price movement for BTC, according to CoinGape’s Bitcoin price prediction, the crypto may find it difficult to hit a new ATH in the near-term..
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