Cryptocurrency analyst Hanzo predicted that Bitcoin will rise to a new high All time high (ATH) With a value of $170,000 in the next upward round. He also revealed the level at which investors should look to buy Bitcoin in this bear market as they target this potential rise to $170,000.
Bitcoin will rise to $170,000 in the next bullish round
in Share XHanzo stated that the price of Bitcoin will reach $170,000 and advised investors to buy Bitcoin at $58,000 and sell it at $165,000. His statement indicates that the flagship cryptocurrency is likely to reach $58,000 This is a bear market. Meanwhile, the accompanying chart showed that Bitcoin could reach $170,000 by 2029, marking the peak of the next bull market.
Related reading
At the same time, it should be noted that his forecasts come in the middle Bitcoin Relief March to $78,000 yesterday, with the major cryptocurrency hitting its highest level since February. The relief march came at a time when Iran announced that it had reopened the Strait of Hormuz. This rise also comes amid optimism that the US-Iran war may end soon.
However, Hanzo’s forecast suggests that the bear market is far from over for Bitcoin despite this comfortable rally and that the flagship cryptocurrency is still likely to crash to as low as $58,000 before hitting its lows. Cryptocurrency analyst Dr. Proffitt, who called BTC higher last year, also described this latest rally as… Bull trap.
in Share XThe analyst noted that he had previously stated that Bitcoin would see a strong bullish trap before going down. He added that the next Bitcoin collapse will also affect the US stock market and expected this to happen in the next month or two.
A correction is likely to happen sooner rather than later
Cryptographic analyzer Colin saw It is likely that a Bitcoin correction will occur sooner rather than later. This came as he wondered whether it would reopen Strait of Hormuz It will be a news selling event. He added that it is likely that the market has already priced in this event over the past 12 days, which is why BTC’s recovery began earlier.
Related reading
the The analyst also mentioned Bitcoin is currently at an interesting crossroads as it looks to break out of the downward channel. The accompanying chart showed that BTC would need to break above $78,000 to negate the trend Downtrend. However, Colin noted that there is a high probability that the $78,000 level will be the local top, with another downtrend on the horizon.
At the time of writing, Bitcoin is trading at around $77,200, up more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Pixabay, chart from Tradingview.com
