Bitcoin’s price prediction takes center stage as Bitget’s Managing Director, Gracy Chen, forecasts a potential climb to $120,000 – $140,000. This bold prediction hinges on recent ETF net inflows, suggesting an imminent rally.
With Bitcoin currently trading near $67,000 and showing signs of resilience after a sharp pullback, the stage is set for what could be an unparalleled bull market cycle.
Chen’s insight offers a compelling case for investors pondering the timeless question: Is now the time to buy?
Crypto Exchange Director Foresees BTC’s Bullish Future
In a comment shared with Cryptonews, Gracy Chen, the Managing Director of Bitget, projected a bright future for Bitcoin, suggesting a potential surge to “$120,000 to $140,000 in this bull market cycle.” Chen’s optimism is tied to the strong net inflows the Bitcoin ETF has been witnessing, which she believes could propel Bitcoin to new all-time highs.
“This has proven the resilience of decentralized assets and the value of decentralized ecosystems,” she added.
Despite a recent pullback where Bitcoin dipped to $59,000, shedding about 16.9% of its value, the cryptocurrency has demonstrated a robust recovery, climbing back to $66,000.
According to Chen, such rapid pullbacks are not uncommon in the midst of sharp uptrends and typically signify a phase of market deleveraging.
The swift rebound in Bitcoin’s price is a testament to the enduring optimism and confidence investors have in Bitcoin, signaling a bullish outlook for the cryptocurrency’s future.
Bitcoin Price Prediction
Today, Bitcoin (BTC/USD) showcases a robust performance, with its price reaching $67,216, marking a over 1.75% increase within the last 24 hours.
This places Bitcoin at the pinnacle of the cryptocurrency market, with a staggering market capitalization of $1,320,668,386,493 and a circulating supply nearing its maximum at 19,647,850 BTC.
The technical analysis reveals pivotal dynamics, with a current pivot point at $64,858 suggesting potential volatility.
The chart, analyzed on a four-hour timeframe, outlines immediate resistance levels at $69,045, followed by $71,992 and $75,598, indicating the thresholds for upward momentum.
Conversely, support levels are established at $62,872, with further floors at $59,380 and $56,231, which could cushion any downward trends.
The technical landscape is further enriched by the 50-Day Exponential Moving Average (EMA) at $63,160 and the Relative Strength Index (RSI), both endorsing a bullish sentiment.
However, a break below the $66,000 mark could pivot the trend towards a bearish bias.
In conclusion, Bitcoin’s current trajectory remains bullish above the $66,000 threshold, supported by critical technical indicators
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