The current downtrend has put Bitcoin price in an increasingly difficult position as the bears push back each rally. Even now, the price continues to struggle to maintain an uptrend, but that has not deterred the bulls from predicting higher prices. The general consensus remains that the Bitcoin price will cross $100,000 again and eventually reach new all-time highs. As these bullish predictions come to fruition, one analyst has given his thoughts on where the cryptocurrency’s price will move from here.
Bitcoin Could Hit $90,000 Before Crashing
Pseudonymous crypto analyst Cyclop shared his expectations for Bitcoin price on X following the initial rally earlier this week. Although bearish sentiment is still present, the analyst does not believe that this would necessarily lead to further price declines from here on out.
Instead, Cyclop says the current bearish sentiment could end up driving the price higher. The reason is that investors are willing to buy on the dip. This means that there is still money to buy cryptocurrencies such as Bitcoin, and this is not how a bottom would occur.
Since dips occur when people no longer have money to buy, the analyst believes there would be another surge just to shake up investors. This initial run could push Bitcoin price towards the $90,000 level, but the resulting decline would reset market sentiment.
Only when something like this happens does the crypto analyst believe that the price of Bitcoin will have bottomed out. The rise and fall could completely devastate sentiment, leaving room for Bitcoin price to finally see a real rally.
BTC leads the way to $240,000
In a previous article, the crypto analyst indicated the main targets he envisioned for the price of Bitcoin. The first was $69,000, which the cryptocurrency hit earlier in the week, marking a possible start to a rally that would take it back to six figures.
Next comes a rise to around $78,000, which is the rise the analyst is talking about. Then the next in line would be a massive crash that would bring Bitcoin price back to a new cycle low at $42,000 and reset sentiment. And finally, there would be an explosive rally which, according to the crypto analyst, could see the price of Bitcoin reach $240,000.
