Bitcoin Price Forecast: Analyst Predicts 70% Chance of New Highs

The US Federal Reserve's recent interest rate cut has led to a resurgence in Bitcoin's price, following a brief consolidation below $115,000. Analysts forecast potential new all-time highs (ATH) soon.

Bullish Indicators Emerge

  • Market expert Axel Adler notes BTC futures trading at a premium and a positive basis, indicating a bullish market.
  • A 70% probability is suggested for a continued uptrend or sideways movement in the coming weeks.
  • Short-Term Holder Market Value to Realized Value (MVRV) Z-scores near zero suggest market balance.
  • Potential consolidation followed by a surge towards new highs is anticipated.

Bitcoin price

Bitcoin Price Boost Predicted Amidst Strong US Stock Market Performance

  • The correlation between US stock rallies and Bitcoin price increases is noted.
  • Historical data suggests Bitcoin could rise by 12% over 30 days and 36% over 90 days after an S&P 500 ATH.
  • Following a Nasdaq ATH, Bitcoin gains average 16% in 30 days and 46% in 90 days.

Bitcoin price

Current trading levels are around $117,770. If historical trends repeat, Bitcoin could reach $131,000 and even $199,000 in the coming months.