Crypto analyst Celal has predicted that the Bitcoin price will… new all-time record (ATH) of $145,000. The analyst also provided a timeline for when the leading crypto could reach this milestone.
When Bitcoin Price Could Reach $145,000
In one X messageCelal stated that the Bitcoin price will rise to $145,000 between October and November. His accompanying chart showed that this rally could happen if BTC’s Relative Strength Index (RSI). strengthens and becomes overbought, rising to 90. The chart also suggested that the leading cryptocurrency may already be forming a bottom as it looks for a new ATH.
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This Bitcoin price prediction comes as BTC continues to struggle to stay above the psychological level of $70,000. The leading crypto is under pressure due to the war between the US and Iran US President Donald Trump is threatening to escalate matters if Iran does not open the Strait of Hormuz.
Crypto analyst Ali Martinez noted that we currently have to wait and see, as the Bitcoin price is at a crossroads. He said that BTC is stuck in a no-trade zone and that currently the area between $70,685 and $65,636 is the most important spot on the chart. The analyst further revealed that over 1.72 million BTC have been traded within this range, meaning “buyers and sellers are digging in their heels.”
Martinez added that there won’t be a big push for it the Bitcoin price until it rises above $70,685 or falls below $65,636. Crypto analyst Ardi stated that BTC is still in a bear market and that the rally in recent weeks was due to short covering. As such, the leading crypto is still at risk of a bigger decline.
The economic conditions are bad for BTC
Crypto analyst Colin stated that the economic backdrop is bad for the Bitcoin price, with oil prices rising and the Fed unlikely to cut rates anytime soon. He also noted that this is bad for BTC as it is higher on the risk curve than stocks. Based on this, Colin noticed that a breakdown would eventually occur the bear flagin which it has been trading since February.
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As such, it is only a matter of how long the Bitcoin price will hold at this point, the analyst said. He also noted that BTC has been in a bear market since October 5 and has only been in it for five months. Colin said this means there are likely more downsides from a normal scenario bear market lasts 12 months.
At the time of writing, the Bitcoin price is trading around $68,800, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com