Cryptocurrency analyst Ted (@TedPillows), who boasts greater than 114,000 followers on the X social media platform, believes that the worth of Bitcoin, the flagship cryptocurrency, might doubtlessly peak at $180,000 throughout this cycle.
The crypto skilled has opined that Bitcoin is at present displaying “unbelievable power” regardless of numerous headwinds.
As reported by U.At this time, Mt. Gox collectors lately began receiving their payouts en masse on Kraken and different exchanges, which induced renewed promoting strain.
Furthermore, U.S. tech shares, which are usually extremely correlated with Bitcoin, skilled their worst rout since 2022 on Wednesday.
Regardless of these bearish elements, Bitcoin skilled solely a negligible worth drop. In keeping with CoinGecko knowledge, the cryptocurrency is at present altering arms at $64,815 after recovering from an intraday low of $63,514.
The analyst has famous that Bitcoin is at present consolidating under its present worth peak that was achieved in March following the profitable launch of assorted spot ETFs in January. Ultimately, nonetheless, this consolidation part is about to come back to an finish.
The Federal Reserve slicing rates of interest later this 12 months can be the primary bullish catalyst for Bitcoin, in response to the crypto skilled. Markets are foreign money betting that there’s nearly a 100% probability that the Fed will lastly begin much-awaited charge cuts in September.
How excessive can Bitcoin go?
For example, distinguished commodity dealer Peter Brandt sees Bitcoin peaking at $150,000 throughout this cycle. Fundstrat’s Tom Lee has repeatedly named the identical worth goal, predicting that declining inflation can be one of many key bullish headwinds.
Crypto billionaire Mike Novogratz has additionally repeatedly forecasted that the worth of Bitcoin might surge into six-digit territory as quickly as this 12 months.