Recently, the price of Bitcoin surged above the $70,000 mark, indicating a bullish momentum and a potential upward movement. Crypto Jelle, an expert in the field of cryptocurrencies and a Bitcoin enthusiast, has made a bullish prediction for the crypto asset. He has set a target price of $82,000 for the short term, based on the recent market trends. Jelle pointed out that Bitcoin experienced a fakeout, retested the cycle highs of 2021, bounced back, and then broke out once again. According to his analysis, Bitcoin is now facing its final obstacle before surging to new highs.
With the halving event on the horizon, Jelle’s prediction gains more significance. Historically, halvings have had a significant impact on the price of Bitcoin. If the current halving event follows similar trends from the past, we could see Bitcoin reaching $82,000 in a matter of weeks and potentially even surpassing that level. Some analysts are even speculating that Bitcoin could reach $150,000 by the end of the year, fueled by the effects of the halving event.
Another analyst, Adrian Zidanic, has also made a bullish prediction for Bitcoin’s price movement. Zidanic pointed out an ascending triangle pattern forming in the Bitcoin chart during the consolidation phase, indicating a potential breakout towards $86,500. He believes that this breakout could happen in the near future, with a positive scenario unfolding within the month. Tony Edward, the host of Thinking Crypto, expressed his optimism regarding Zidanic’s prediction, suggesting that Bitcoin could potentially reach $90,000 post-halving.
Current Market Trends
As of the time of writing, Bitcoin is trading at $70,344, with a 1.84% increase in the past 24 hours. Both the overall market cap and trading volume of Bitcoin have shown an increase, indicating growing investor interest in the cryptocurrency. With the recent price recovery of Bitcoin, many analysts and experts have come forward with bullish predictions about its future trajectory, highlighting the potential for significant growth in the upcoming months.
It is essential to note that the predictions and forecasts mentioned in this article are for educational purposes only. They do not reflect the opinions of NewsBTC on whether to buy, sell, or hold any investments. Investing in cryptocurrencies comes with its own set of risks, and it is recommended to conduct thorough research before making any investment decisions. The information provided in this article should be used at the reader’s own discretion and risk.