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Crypto analyst CryptoCon has reaffirmed that a Bitcoin price rally to the $166,000 target is still in play. The analyst further revealed what needs to happen for the flagship crypto to reach this ambitious price target.
What Determines The Bitcoin Price Rally To $166,000
In an X post, CryptoCon stated that the Bitcoin price simply needs to mirror its last year’s move in order to reach the next rung on this hyper-accurate extension in March. His accompanying chart showed that the next rung is at the $166,000 price level. Meanwhile, Bitcoin recorded a significant price rally between January 2024 and March 2024, a historical move CryptoCon believes the flagship crypto needs to mirror to reach this target.
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The analyst remarked that it might seem ridiculous, but he asserted that a run to this $166,000 target next month is not far-fetched. A few days ago, CryptoCoon predicted that the Bitcoin price could rally to $160,000 in the next thirty days, meaning it could hit this target by next month. These predictions undoubtedly provide some optimism, especially considering the downward pressure that the flagship crypto is currently facing.
Meanwhile, CryptoCon also suggested that there was the possibility of the Bitcoin rally to $166,000 taking longer. However, he added that the cycle isn’t over, and this price target isn’t going anywhere, indicating that BTC will reach it in this bull market. Market experts like research firm Matrixport have also predicted that Bitcoin could rally to $160,000 this year.
Meanwhile, asset manager Bitwise predicted that the Bitcoin price would rally to $200,000 this year. Standard Chartered also asserted that BTC reaching around $200,000 by year-end is achievable.
State Of Things For BTC
Crypto analyst CrediBULL Crypto provided some insights into the current Bitcoin price action. In an X post, he stated that BTC is still holding the higher timeframe support zone at $94,553. As long as BTC continues to hold this support zone, he expects some further consolidation around this area.
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The crypto analyst also drew attention to a potential PO3 that was forming for the Bitcoin price at these levels. He remarked that he would like to see a move below the lows at $94,100 and then reclaim and push to local supply right above the last local highs.
Crypto analyst Ali Martinez also confirmed that the Bitcoin price is in a consolidation phase. He revealed that BTC’s accumulation trend score is zero, which signals a period of consolidation. The crypto analyst added that a shift in demand here could set the stage for the next big move.
At the time of writing, the Bitcoin price is trading at around $95,800, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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