Bitcoin Price Could Reach $178,000 With 86% Rally Potential
The price of Bitcoin fell to approximately $92,000 on December 20 following a rate cut by the US Federal Reserve, which triggered a selloff in the crypto market. By the same day, Bitcoin rebounded above the $97,000 level.
Investors are looking for Bitcoin to reclaim its all-time high of $108,135. A notable crypto analyst has proposed a target of $178,000 for Bitcoin, backed by specific technical analysis.
Can Bitcoin Price Repeat This 86% Rally?
Tony “The Bull” Severino from NewsBTC suggested that Bitcoin may reach $178,000 based on its movement relative to the Bollinger Bands, a tool used to assess market volatility.
Severino noted that Bitcoin's recent retest of the monthly upper Bollinger Band has historically preceded significant price rallies. A similar retest occurred in late January 2024, leading to an 86% rally to a previous high of $73,737. If history repeats, Bitcoin could achieve an 86% increase from its current price, reaching $178,000.
Currently, Bitcoin is priced at around $97,265, reflecting a 0.8% rise over the past 24 hours but a 4% decline over the week.
Here's What Needs To Happen First
For Bitcoin to reach the $178,000 target, it must overcome significant resistance levels around $97,500 and $99,800. According to Ali Martinez, over 924,000 addresses purchased more than 1.19 million BTC within this range, creating potential selling pressure as these buyers may look to break even.
Martinez indicated that if Bitcoin can successfully breach these resistance levels, it may return to its all-time high and potentially establish a new record.
