Bitcoin continues to maintain its momentum towards the upward trajectory and reached the $68,000 price mark earlier today, leading to speculation on how long it will take to reach a new peak.
Bitcoin will reach $70,000 in a matter of time
With Bitcoin’s price action today, several crypto analysts are bullish on BTC as they believe the crypto asset could reach a new peak very soon. The digital asset recently crossed the $68,000 threshold for the first time in nearly three years, falling just short of a notable recovery.
In a post on the social media platform X (formerly Twitter), Cryptocurrency analyst and enthusiast Crypto Jelle expressed his bullish optimism towards BTC towards the community. His predictions examine Bitcoin’s current price position and its potential to surpass its all-time high.
According to the crypto expert, the price of BTC is just “inches away” from reaching unprecedented heights. He pointed out that the coin tried to break its current peak but failed.
Additionally, he noted that the crypto asset is currently “retesting the 4-Hour 25 Exponential Moving Average (EMA) and the 50 Relative Strength Index (RSI).” Nevertheless, crypto Jelle believes that “both trends are good entries that can cause a jump to a new level.”
As a result, the analyst has predicted that the asset will “$70,000 in just a matter of time.” Furthermore, he has urged the community to be patient as this is the ‘name of the game’.
The message read:
Bitcoin is inches away from a new all-time high. Failed on the first try, but now retesting the 4-Hour 25E MA and the RSI 50 level. Both are usually good entries for a bounce. $70,000 is just a matter of time, and patience remains the key to the game.
As Bitcoin continues to rise, the token’s fear and greed index appears to have skyrocketed as well. Jelle also emphasized it in another after that BTC’s “fear and greed index is currently reaching extreme levels.”
However, this does not mean that we have one pull back, said the expert. He then clarified that from the moment Bitcoin crossed $20,000, the fear and greed index was higher than it is now, while urging investors not to get “shaken out” of the market.
BTC could reach $150,000 before 2024 closes
Fundstrat’s head of research, Tom Lee, has done the same shared his optimism towards BTC in an interview with CBNC. Tom Lee’s optimistic overview came in light of assets nearing their peak.
According to Lee, he believes Bitcoin is heading straight back to its “long-term trendline.” That’s why he set his price target at “$82,000 in the short term.” Lee also predicted a long-term price for BTCsetting his goal at “$150,000 before the end of the year.”
Currently, Bitcoin is at $66,710, up over 2% in the past day and above 18% in the past week. CoinMarketCap shows that its market cap and trading volume increased by 2.70% and 70.61% respectively over the past day.
Featured image from iStock, chart from Tradingview.com
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