Key Insight:
- Can BTC reach a new ATH soon?
- Price warning for BTC amid potential new ATH.
Lately, predictions have been coming up left right and centre, about the potential rise price of Bitcoin. Many recent events influence the new all-time high predictions in the crypto space as well as the macro economic uncertainties across the globe. The increase in the market cap of USDT had a resultant positive effect on Bitcoin price, and now, once again crypto lovers are bullish on crypto assets.
Consequently, crypto enthusiasts and experts alike are wondering what the future holds for BTC.
Assessing Chances of a Bitcoin ATH?
BTC price has hit a purple patch lately. Currently trading at $28.3K, it increased by more than 15% this past week and nearly 70% for the year. It also surpassed the ‘resistance level’ of $25K, with many speculating that it might reach $30K soon.
Additionally, it reached a 16-month high level on the Fear and Greed index, with a score of “68.” The last time it reached a similar score (66) was in November 2021 when it reached its ATH of $69K.
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Peter Brandt, the veteran crypto analyst famous for predicting the 2017 collapse of BTC, has speculated that it won’t take long for BTC to hit a new all-time high (ATH). He tweeted,
“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.”
For most, such a claim isn’t far-fetched. Tech expert Steve Wozniak is equally bullish. He opines that BTC could hit a new ATH of $100,000. However, to the popular trader, Cheds, none of this matters.
Ched said on Twitter,
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“BTC highly unlikely to come even close to $50K in the next 90 days.” Brandt countered dismissively, “Some smoke too much wacky.”
He mentioned that his prediction of BTC reaching a new ATH is synonymous with past market cycles. He further stated that his analysis had nothing to do with the BTC halving event slated for next year, calling it “overrated.”
With the current unease pervading the banking sector, people switching their stablecoins to USDT, and the analysis from financial experts, we might just see a renaissance for BTC and a potential new ATH. Nonetheless, skepticism ensues.
Price warning for BTC amid potential new ATH
Prior to the current banking debacle, the value of crypto assets largely correlated with that of tech stocks. With the recent layoffs from tech companies like Meta, and Amazon, amongst others, and the collapse of Silicon Valley Bank, it remains to be seen what would happen in that regard.
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Interestingly, Peter Brandt also mentioned that BTC could have a downward spiral soon due to two huge unfilled gaps in the Bitcoin chart. These gaps are spaces in a chart where an asset’s value has a sharp increase without any trade occurring between the price levels.
The gap theory highlights that the market would still retreat to the unfilled gaps and a price reversal would happen. He tweeted, “Two huge unfilled gaps. I encourage you hot-shot young guns to go short.”
Broadly speaking, the sentiment surrounding BTC right now is near overwhelmingly positive. However, time will tell if this would signal BTC sitting a new ATH.
