Bitcoin (BTC), the undeniable king of cryptocurrencies, has once again put traders on the edge of their seats, with its value just above $105,000. The crypto space is divided into two, with some anticipating a massive surge to $175,000 in this cycle, while others fear a plunge below $80,000 if market panic sets in.
Surge to $175K?
Injecting a dose of optimism into the crypto milieu, pseudonymous crypto analyst Egrag Crypto forecasts a significant surge in the coming months. Using historical cycle data of BTC, the analyst suggests that the digital asset is ripe for a 102% increase, propelling it to a whopping $175,000 from its present levels.
Egrag backed this claim with a tweet pointing out that three major surges this cycle averaged at 102%, concluding that $175K is within reach. The analyst also emphasizes how Bitcoin’s resilience against recent geopolitical disturbances, such as the Israel-Iran conflict, further strengthens the bullish stance.
Similar sentiments were echoed by DeFiTracer, who pointed out the market’s tendency to bounce back from war-induced slumps, as evidenced in April and October 2024. He urged traders not to be swayed by whales and news reports, suggesting that the recent 4% dip serves as a springboard for the next ascent.
Or a Plunge?
However, not all share this bullish outlook. Veteran crypto analyst Ali Martinez has urged caution, warning of a potential steep market correction if crucial support levels fail to hold. He cited the offloading of almost 30,000 BTC by whales over the past week and the dwindling support at the $100,000 mark as reasons for concern. Should these levels break, Martinez presages a fall to as low as $78,500.
Michaël van de Poppe, a seasoned crypto strategist, also raised concerns about Bitcoin’s inability to maintain above $106,000, which prompted a southward liquidity shift. He outlined two possibilities: a buying opportunity below $100,000 or a resurgence if prices stabilize around $102,500.
Adding to this apprehension, market observer Axel Adler Jr. pointed to BTC’s OBV (On-Balance Volume) lingering in the red near $100,000. He suggested this indicates any bullish momentum may be short-lived.
