Bitcoin Price Regains Strength as Analysts Eye $85,000 Next Price Target
As Bitcoin Price Rises, Analysts Are Targeting $85,000 By Year-End and Forecasting an Imminent Altcoin Season.
Key Takeaways:
- The recent gains in Bitcoin and altcoins follow the U.S. Federal Reserve's decision to raise interest rates.
- Analysts predict a potential target of $85,000 or even higher for Bitcoin price by the end of 2024.
- A chart suggests the start of the alt season, marking the potential beginning of the Altcoin bull market.
Bitcoin Price Nears $65,000
Bitcoin's price rose on Monday morning, with a 24-hour gain of over 2%, getting close to $65,000. This increase follows last week's gains in cryptocurrencies and other risky assets, such as stocks, after the U.S. Federal Reserve decided to raise interest rates.
Data from Hedge With Crypto shows that Bitcoin (BTC) has seen a 10.05% increase in the last seven days after consistently trading below $60,000 for several weeks. This earlier bearish performance was partly triggered by the release of U.S. CPI data in mid-August.
However, despite bouncing back from lower levels, Bitcoin is still in a declining channel. Breaking above the upper trendline and making significant progress toward reaching $70,000 will require a strong catalyst or substantial buying momentum.
Notably, this recent surge has also led to noteworthy increases in various major alternative cryptocurrencies, including Ethereum (ETH), Solana (SOL), BNB (BNB), Dogecoin (DOGE), Cardano (ADA), and Avalanche (AVAX).
Related: Bitcoin Tests Key Resistance at $60K as Analysts Predict New All-Time High
Although Bitcoin has not yet reclaimed its all-time high of $73,750.07 on March 14, 2024, crypto analysts and traders are optimistic about its future and expect favorable times for buyers.
Crypto Analyst Sets At Least $85,000 Target for Bitcoin
In a recent post by Titan of Crypto, a self-proclaimed crypto trader and technical analyst, it was suggested that the first target for Bitcoin's price is $85,000.
The analyst believes that BTC is set for an “explosive move” by the end of 2024, with a potential target of $85,000 or even higher, possibly exceeding $89,000 by the year's end.
He emphasized that it's only a matter of time before Bitcoin exceeds this level. He also predicted an “intermediate” 35% gain for BTC/USD and pointed to the breakout of the weekly relative strength index (RSI) as a signal for a significant move by the end of the year for Bitcoin (BTC).
In other posts, the crypto analyst made bold predictions for Bitcoin in the coming months, highlighting that a positive September could lead to a bullish fourth quarter based on historical performance.
According to Titan of Crypto, if Bitcoin's price closes above $59,000 this month, it's likely to be a bullish end of the year. However, despite a negative close, history has seen positive Q4s in 2017 and 2020. The trader considers these signals as promising for the upcoming Q4.
The technical analyst also addressed the timing of the next bull cycle, a topic that has arguably divided the crypto community. Titan of Crypto maintained that BTC usually peaks 3 to 4 quarters after breaking the market structure to the upside.
If this pattern repeats, the cycle peak could occur by the end of 2024 or Q1 2025.
Related: Michael Saylor Forecasts Bitcoin Price to Soar to $13 Million by 2045
Altcoin Season Is Imminent
There has been talk about the imminent start of the altcoin season, a period in the cryptocurrency market where alternative cryptocurrencies (altcoins) experience significant price increases compared to Bitcoin.
During this time, investors tend to shift their attention from Bitcoin to various altcoins, resulting in increased trading volume and price surges for these digital assets.
A crypto analyst using the username “el_crypto_prof” on X has shared a chart indicating the start of the alt season. They stated that the bullish cross of Altcoins/TOTAL2, which refers to the total market capitalization of all cryptocurrencies except Bitcoin, is about to happen.
According to this analyst, the last time this occurred was in 2020, marking the start of the Altcoin bull market starting in early 2021. Additionally, they confidently claimed this is one of the most important signals.
Titan of Crypto also shared a similar view with his 92k X followers. He posted a chart with the caption, “#Altseason is imminent.“
Joseph Alalade
Joseph has been actively involved in crypto for over half a decade, focusing on Web3 education for both technical and non-technical audiences. He is particularly interested in writing about trending Web3 updates, regulatory developments, and other exciting stories. He loves trading and analyzing crypto charts, and delving into technical documentations.
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