Bitcoin Analysts Predict Potential Surge to $275,000 Amid Price Dip
Bitcoin (BTC) dropped to $94,500 following Microsoft shareholders' rejection of a proposal to allocate 1% of the company's assets for BTC purchases as an inflation hedge. Despite this, analysts remain optimistic about BTC's potential price appreciation.
Bitcoin May Surge As High As $275,000
Data from Coinglass reveals that over $478 million in contracts, mainly long positions, were liquidated within 24 hours due to the price decline. Liquidation volumes exceeded those in altcoins.
Analyst Ali Martinez highlighted a bullish cup and handle pattern on Bitcoin’s weekly chart, suggesting a potential surge to $275,000 based on technical analysis. He advised traders to avoid excessive leverage.
Another analyst, @Trader_XO, cautioned that Bitcoin needs to hold above $90,000 to prevent further declines, with a potential drop to $85,000 if this support level is breached. Maintaining the $90,000 threshold could allow BTC to rebound.
BTC Takes Another Jab At Breaking Through $100,000
Despite the recent dip, Bitcoin quickly recovered, trading near $100,000. The cryptocurrency remains in an uptrend, likely supported by US inflation data aligning with market expectations.
Bitcoin reached a new all-time high (ATH) of $103,679 but has experienced fluctuations around the $100,000 mark, resulting in over $1.5 billion in liquidations last week.
Factors potentially driving Bitcoin toward a new ATH include multi-year lows in BTC reserves on exchanges, indicating increasing demand. Anthony Scaramucci predicted China might create its own Bitcoin reserve, which could enhance supply scarcity and elevate prices.
Corporate adoption of BTC is also rising; Canadian firm Rumble recently introduced a BTC treasury strategy. Currently, BTC trades at $100,453, reflecting a 4.1% increase in the past 24 hours.
