With Bitcoin (BTC) regaining bullish momentum, analysts predict it could soon reach an all-time high if the trend continues. One crypto analyst, Yoddha, suggests that if Bitcoin closes August with strength, it could easily surpass $81,000 and potentially even reach $244,890 in the long term.
Yoddha notes that Bitcoin’s price action has been a rollercoaster over the past year, after reaching $65,000 and then dropping to $49,000. The analyst describes this drop as a “liquidation hunt” where large sell-offs trigger stop losses, leading to a temporary price dip.
Despite the setback, Bitcoin has since rebounded and returned to trade above its monthly range of over $60,000, indicating underlying bullish momentum.
To continue its upward trend, Bitcoin needs to overcome several key levels. It’s currently below its yearly high, which is a crucial resistance level. If it can close above $81,000, it could pave the way for even higher prices with targets extending up to $112,727 and $244,890 in the longer term.
Bitcoin also needs to maintain its current support level of $31,400 to avoid downward pressure. Additionally, reclaiming the $65,000 level is important for maintaining momentum.
Other experts, such as Michaël van de Poppe, share a similar view that Bitcoin is showing promising signs. He notes that if the $57,500 support zone holds, there is strong potential for Bitcoin to rally towards an all-time high in September or October.
Source: https://finbold.com/heres-when-bitcoin-will-hit-81000-according-to-analyst/