Bitcoin $166,000 Target Still In Play? The Extension That Determines Where Price Goes Next
Cryptocon It has been reiterated that the price rallies of Bitcoin will reach the target of $166,000. Analysts further reveal what needs to happen to flagship cryptocurrencies to reach this ambitious price target.
What determines the Bitcoin price rally to $166,000
exist X PostsCryptocon said the price of Bitcoin only needs to reflect its actions last year to reach the next rung along the ultra-accurate extension in March. The chart he accompanied shows that the next step is Price level of $166,000. Meanwhile, Bitcoin recorded a large price rally between January 2024 and March 2024, and a historic move Cryptocon believes flagship cryptocurrencies need mirroring to achieve this goal.
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The analyst noted that it seems ridiculous, but he asserted that the run of the $166,000 target next month is not far-fetched. A few days ago, the encryption hole prediction Bitcoin prices may gather In the next 30 days, to $160,000, which means it could hit that target next month. These forecasts undoubtedly bring some optimism, especially given the current downward pressure on flagship encryption.
Meanwhile, Cryptocon also suggests that the possibility of rallied Bitcoin to $166,000 is longer. However, he added that the cycle is not over and this price target has not reached anywhere, indicating that BTC will be reached in this bull market. Market experts like research firm Matrixport also predict that Bitcoin will rise to $160,000 this year.
Meanwhile, asset manager Bitwise predicts that the price of Bitcoin will rise to $200,000 this year. The franchise standard also asserts BTC reaches around $200,000 It can be achieved by the end of the year.
BTC status
Crypto analyst Credibull Crypto Provides some insights into the current Bitcoin price action. In X’s post, he said BTC will still keep the higher time frame support at $94,553. As long as BTC continues to have the support area, he expects further integration in the area.
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Crypto analysts also draw attention to potential PO3s, which are formed at the price of Bitcoin at these levels. He noted that he hopes to see a move below the low for $94,100 and then retract and push it to local supply above the previous local high.
Crypto analyst Ali Martinez also confirmed that the price of Bitcoin is Merge phase. He revealed that the cumulative trend score of BTC was zero, which marked a period of merger. The crypto analyst added that the shift in demand here could lay the foundation for the next big move.
At the time of writing, the Bitcoin price was trading at about $95,800, down more than 2% in the past 24 hours. data From CoinMarketCap.
Featured images from Istock, charts from TradingView.com
