The current downtrend has put Bitcoin price in an increasingly difficult position as bears push back on any recovery. Even now, the price continues to struggle to maintain an uptrend, but this has not stopped the bulls from predicting higher prices. The general consensus still remains that Bitcoin price will cross $100,000 again and eventually reach new all-time highs. While these bullish predictions are coming true, one analyst has given his opinion on how the cryptocurrency’s price will move from here.
Bitcoin could rise to $90,000 before crashing
Pseudonymous crypto analyst Cyclop shared their expectations for the Bitcoin price at Although bearish sentiment is still very much present, the analyst does not believe this would necessarily lead to the price falling further.
Instead, Cyclop says current bearish sentiment could ultimately push the price higher. The reason for this is the fact that investors are willing to buy lower. What this means is that there is still money to buy cryptocurrencies like Bitcoin, and this is not how a bottom would play out.
Given that a trough occurs when people run out of money to buy, the analyst believes there will be another run-up just to shake off investors. This first run could be sending the Bitcoin price high towards the $90,000 levelbut the resulting dump would reset market sentiment.
Only when something like this happens does the crypto analyst believe that the The Bitcoin price will have bottomed out. The higher pressure and the dump could completely destroy sentiment, creating room for the Bitcoin price to finally experience a real rally.
BTC paves the way to $240,000
In an earlier post, the crypto analyst had mentioned the main targets they are looking at for the Bitcoin price. The first was $69,000, which the cryptocurrency reached earlier this week, marking a possible start of the rally that will take it back to six figures.
Next comes a run-up to around $78,000, which is the upward pressure the analyst was talking about. Then the next in line would be a massive crash that would send the Bitcoin price soaring new cycle low at $42,000and reset the sentiment. And finally, there would be an explosive rally, which the crypto analyst believes could see the bitcoin price reach $240,000.