Sign Up on MEXCHere’s Why This Expert Predicts Bitcoin Price Will Hit $137,000 Soon
Highlights
- Crypto expert Titan of Crypto has highlighted a bull pennant, which could send the Bitcoin price to $137,000.
- The expert's accompanying chart showed that BTC could reach this target between July and August.
- Factors such as a Fed rate cut could propel BTC to this ambitious price target.
Crypto analyst Titan of Crypto has predicted that the Bitcoin price will hit $137,000 soon. The analyst highlighted a bullish pattern that showed the flagship crypto could hit this ambitious target.
Expert Predicts Bitcoin Price To Hit $137,000
In an X post, crypto expert Titan of Crypto predicted that the Bitcoin price could rally to $137,000. The analyst revealed that BTC had formed a bull pennant on the daily chart. He stated that the flagship crypto can reach a new all-time high (ATH) if this pattern plays out.
The accompanying chart showed that Bitcoin could rally to this $137,000 price level, which could happen between July and August. This provides an ultra bullish outlook for the flagship crypto, which continues to trade sideways.
In a more recent post, he stated that a Bitcoin bullish crossover was already happening. The expert revealed that the MACD just made a bullish cross on the 3-day chart, which suggests that a momentum shift may be underway.
The Bitcoin price had surged past the $86,000 mark following Bank of America’s prediction that there will be four Fed rate cuts this year. However, the flagship crypto sharply dropped below $85,000 following reports that the EU will likely move forward with its tariffs on US goods.
Titan of Crypto raised the possibility of BTC still rallying to $87,000. He remarked that a daily close above $85,700 would significantly increase the probability of a move to $87,000 right after.
BTC’s Bottom Almost In
In an X post, crypto analytics platform CryptoQuant suggested that the bottom might almost be in for the Bitcoin price. The platform alluded to the VIX has spiked this week, noting that this is usually when the best setups start to appear.
CryptoQuant noted that historically, elevated VIX levels often mark local bottoms in equities and crypto. However, the platform warned that can take some time to play out.
Interestingly, CryptoQuant’s CEO Ki Young Ju recently asserted that Bitcoin’s bull market is over. He explained that BTC is witnessing signifcant selling pressure at the moment, which is why large purchases like MicroStrategy’s is unable to send its price higher. Based on his theory, Ki Young Ju expects six to twelve months of bearish or sideways price action from Bitcoin.
MicroStrategy recently acquired 3,459 Bitcoin for $285 million. Meanwhile, other Bitcoin whales also continue to accumulate amid this downtrend for the flagship crypto.
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