Bitcoin price predictions are attracting attention as Gracie Chen, managing director of Bitget, predicts that the price could rise to between $120,000 and $140,000. This bold prediction rests on the ETF's recent net inflows, suggesting a rally is imminent.
Bitcoin is currently trading around $67,000, showing signs of resilience after a sharp decline and setting the stage for what could be an unprecedented bull market cycle.
Chen's insights provide a compelling argument for investors pondering the timeless question: “Is now the time to buy?”
Cryptocurrency exchange director predicts bullish future for BTC
In comments shared with CryptoNews, BitGet Managing Director Gracie Chen predicted a bright future for Bitcoin, with the potential for it to soar to “$120,000 to $140,000 in this bull market cycle.” suggested. Chen's optimism is coupled with the strong net inflows Bitcoin ETFs are witnessing, which she believes could propel Bitcoin to all-time highs.
“This proves the resilience of decentralized assets and the value of decentralized ecosystems,” she added.
Despite the recent pullback that saw Bitcoin drop to $59,000, shedding around 16.9% of its value, the cryptocurrency showed a strong recovery and rose to $66,000.
Chen said such rapid pullbacks are not uncommon during sharp uptrends and usually indicate a phase of market deleveraging.
The rapid rebound in Bitcoin prices is evidence of continued investor optimism and confidence in Bitcoin, and signals a bullish outlook for the future of the cryptocurrency.
Bitcoin price prediction
Today, Bitcoin (BTC/USD) showed a solid performance, with the price reaching $67,216, registering an increase of over 1.75% in the past 24 hours.
This puts Bitcoin at the top of the cryptocurrency market, with a market capitalization of an impressive $1,320,668,386,493, and circulating supply nearing its maximum value at 19,647,850 BTC.
Technical analysis reveals some pivotal dynamics, with the current pivot point at $64,858, hinting at potential volatility.
Analyzed on a 4-hour time frame, this chart shows an immediate resistance level at $69,045, followed by $71,992 and $75,598, indicating the threshold for upward momentum.
Conversely, a support level is set at $62,872, with further floors at $59,380 and $56,231 that could soften the downtrend.
The technical picture is further enriched by the 50-day Exponential Moving Average (EMA) and Relative Strength Index (RSI) at $63,160, both of which support bullish sentiment.
However, a break below the $66,000 mark could tilt the trend towards a bearish bias.
In conclusion, Bitcoin’s current trajectory remains bullish above the $66,000 threshold, supported by key technical indicators.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
