Crypto analyst Hanzo has predicted that Bitcoin will rise to a new level all-time high (ATH) of $170,000 in the next bull run. He also revealed what level investors should look to buy BTC in this bear market as they target this potential rally to $170,000.
Bitcoin will rise to $170,000 in the next bull run
In one X messageHanzo stated that Bitcoin is going to $170,000 and advised investors to buy BTC at $58,000 and sell at $165,000. His statement suggests that the flagship crypto is likely to hit a low of $58,000 this bear market. Meanwhile, its accompanying chart showed that BTC could reach $170,000 by 2029, which would mark the peak of the next bull market.
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Meanwhile, it’s worth noting that his prediction comes amid a Bitcoin relief rally as high as $78,000 yesterday, with the flagship crypto hitting its highest level since February. The aid rally came as Iran announced it has reopened the Strait of Hormuz. The rally also comes amid optimism that the war between the US and Iran could end soon.
However, Hanzo’s prediction indicates that Bitcoin’s bear market is not over yet despite this relief rally, and the flagship crypto is still likely to crash to a low of $58,000 before bottoming out. Crypto analyst Doctor Profit, who called the BTC top last year, also described this recent rally as a bull trap.
In one X messagethe analyst pointed out that he had previously said Bitcoin would see a strong bull trap before falling. He added that the next BTC crash will also hit the US stock market and predicted that it could happen within the next one to two months.
A correction will likely happen sooner rather than later
Crypto analyst Colin said that a Bitcoin correction is likely to happen sooner or later. This came as he wondered whether the reopening of the Strait of Hormuz will be a sell-the-news event. He added that the market has likely already priced in this event over the past twelve days, which is why BTC’s recovery started earlier.
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The analyst also mentioned this that Bitcoin is currently at an interesting crossroads as it appears to be breaking out of a declining channel. Its accompanying chart shows that BTC will need to break above $78,000 to invalidate the current price bearish trend. However, Colin suggested there is a good chance $78,000 is the local top, with a new downtrend ahead.
At the time of writing, the Bitcoin price is trading around $77,200, up over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com