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Bitcoin traders are fiercely debating the cryptocurrency's next peak, with predictions ranging from $95,000 to $120,000, driving intense market speculation.
$120K Target for Bitcoin Bull Run
More optimistic predictions put Bitcoin's next possible macro peak around $120,000, but traders and market professionals are divided on the matter. After seven days, will Bitcoin be able to close above $71,500?
Crypto trader Mikybull has done the math and found that Bitcoin might be headed for another bull run, with a price of $120,000 being the target.
In a post to his 71,000 followers on July 31, the famous trader wrote:
“Bitcoin is getting ready for the next wave of rally which will bring it to $120k+ level. Buckle up your seatbelt.”
Cautious Projections See $95K Peak
On the other hand, more cautious projections are looking at prices below $100,000 as a possible macro peak. As an example, according to Mags, a crypto expert, Bitcoin's technical chart patterns indicate that the next key milestone will occur above the $95,000 mark, Cointelegraph shares.
A post from July 31 on X was made by the analyst:
New Bitcoin investors rose 3% from the $57,000 mark, adding to the positive feeling.
Axel Adler, a crypto researcher and confirmed author of CryptoQuant, said in a post on July 31 that the number of new investors might rise by half when the Bitcoin cycle reaches its peak:
Popular Bitcoin analyst Rekt Capital cl
Popular Bitcoin analyst Rekt Capital claims that the next leg up in the bull cycle can only be confirmed when the price closes above $71,500 on a weekly basis.
The analyst predicted that Bitcoin would stay in consolidation for the following two weeks in a post on July 29th:
“A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range. However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more.”
An analyst further said that if Bitcoin saw a protracted period of consolidation, it would bring the cryptocurrency in line with its past halving cycles, indicating that its peak would occur later in the cycle.
But there is a lot of resistance for Bitcoin between $67,000 and $67,500. According to data from CoinGlass, if the price were to hypothetically rise above $67,000, it would liquidate short positions totaling more than $940 million.
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