Cryptocurrency analyst Celal predicted that the price of Bitcoin could reach approx fresh all-time record (ATH) amount of USD 145,000. The analyst also provided a timeline for when the leading cryptocurrency could reach this milestone.
When Bitcoin Price Could Reach $145,000
In Post XCelal stated that the price of Bitcoin will escalate to $145,000 between October and November. Its accompanying chart showed that such a rally could occur as BTC Relative Strength Index (RSI) rises and becomes overbought, rising to 90. The chart also suggests that the leading cryptocurrency may already be forming a bottom, expecting a rally towards fresh ATH.
This Bitcoin price prediction comes as BTC continues to struggle to stay above the psychological $70,000 level. The leading cryptocurrency is under pressure due to the US-Iran war US President Donald Trump threatens to escalate the situation if Iran does not open the Strait of Hormuz.
Cryptocurrency analyst Ali Martinez noticed that it is currently a waiting game as Bitcoin price is at a crossroads. He said that BTC is stuck in a “no-trade zone” and that the most significant place on the chart right now is the area between $70,685 and $65,636. The analyst further revealed that over 1.72 million BTC worth of transactions were transacted during this interval, which means “buyers and sellers are hot on their heels.”
Martinez added that there won’t be much traffic Bitcoin price until it exceeds $70,685 or falls below $65,636. Cryptocurrency analyst Ardi stated that BTC is still in a bear market and the escalate over the last few weeks has been due to brief covering. As such, the leading cryptocurrency remains at risk of a larger decline.
The economic backdrop is bad for BTC
Cryptocurrency analyst Colin stated that the economic backdrop is bad for the price of Bitcoin, oil prices are rising, and the Fed is unlikely to cut interest rates any time soon. He also noted that this is unfavorable for BTC given that it is higher on the risk curve than stocks. Based on this, Colin saw a possible breakdown bear flagwhere he has been trading since February.
Therefore, it is only a matter of how long Bitcoin’s price will sustain at this point, the analyst said. He also noted that BTC has been in a bear market since October 5 and has only been in a bear market for five months. Colin said this likely meant a further decline from typical bear market lasts 12 months.
At the time of writing, Bitcoin is trading at around $68,800, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
