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Bitcoin just set a new record this week as the crypto traded above $64,000 for the first time ever. BTC continued to surge recently and was trading at $64,429 at the time of writing based on data from Coinmarketcap.
However many still believe that the crypto’s rally is far from over. Analysts have already made their price projections with some of them believing that BTC could go as high as $80,000 in the near future.
For instance, BitBull Capital CEO Joe DiPasquale believes that BTC’s price is on target for $70,000 next month. “Each time bitcoin tested a lower value, the price went back above $60,000. Now that it has broken out past the resistance at $652,000, I expect it to reach $70,000 by end of May,” DiPasquale said, according to Coindesk.
Meanwhile, Two Prime managing director Alex Blum Bitcoin could go to $72,000 by the end of the month based on heavy options buying behavior. “After several weeks of healthy consolidation below $60,000, bitcoin has continued to align with stock-to-flow model projections,” Blum said.
On the other hand, Equos head of sales and trading Matt Blom expects the crypto to go as high as $80,000. “If Bitcoin carries on trading within its trend channel, then May's all-time high has the potential to register north of $80,000,” he said. “Bitcoin dances to its own drum. A push up to $70,000 will very likely be met with another 'Bitcoin just crashed 20%' moment that draws Peter Schiff out from his gold-plated coffin. Until then, it would appear that things are about to heat up.”
Blom also noted that profit-takers might bring Bitcoin’s price back down to below $61,700. “On the downside, a move down through support at $61,700 will dampen the mood. $58,820 will cap off any downside action as the market will look to cement that level as the lower bound of any future trading range.” He said that the next price hurdle is $65,000 followed by $70,000.
Oanda senior market analyst Edward Moya thinks that BTC has the potential to reach $75,000. “If Bitcoin can hang onto the $60,000 level after the Coinbase debut, bullish momentum could target the $75,000 level,” Moya said. However, he added that the current rally is fueled by the “Coinbase IPO is generating a new wave of retail and institutional excitement.”
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