Bitcoin could see its next big rally surge to $110,000, despite concerns that a “lower high, lower low” pattern is forming on the BTC price chart, according to a crypto trader.
“The next phase will likely see Bitcoin reach $110,000,” MN Capital founder Michael van de Poppe wrote in a blog post on July 17. post Regarding X. Other traders point out that Bitcoin (BTC) has failed to reach previous highs and that every new high falls short of the previous one.
“It’s important to note that despite the halving, despite the ETFs, despite the hype, we’re still seeing a string of higher highs and lower lows,” veteran trader and analyst Peter Brant said in an interview on July 17. post About X.
Van de Poppe doesn’t seem too worried about the recent Bitcoin price fluctuations, attributing them to the difficulties Bitcoin miners are facing due to rising operational costs and declining mining rewards following the halving in April.
“The actual hashrate drop at the final low on July 1 was just as severe as during the FTX collapse,” van de Poppe said.
Bitcoin has breached the $71,000 level multiple times since hitting an all-time high of $73,679 on March 13, but has yet to reach that high again.
July saw nine consecutive days when Bitcoin failed to surpass $60,000, the first time this had happened since February 28. Bitcoin’s most recent low of $54,274 on July 5 was the lowest price the asset has faced in four months. according to Go to CoinMarketCap.
However, Brandt said he was “impressed” with how Bitcoin managed to recover from its recent price decline to key support within two weeks, hitting $65,735 on July 17.
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While the timeline for the “next phase” is vague, other analysts have offered somewhat more certain predictions for when Bitcoin will break through the $100,000 mark.
Pierre Lochard, vice president of research at Riot Platforms, believes Bitcoin prices could rise by July 2025. “Bitcoin could hit $100,000 in the next 12 months,” Lochard said in a July 17 interview with Xinhua. post.
Other traders are more conservative.
Crypto trader and investor Marco Johanning suggested that Bitcoin will not hit $100,000 “at least this time,” lowering his prediction by nearly 19%.
“The new low of 53.4k revises Bitcoin’s target to 81k or 94k,” he said. Added.
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This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
