Analyst Predicts Potential $145,000 Bitcoin Price

Crypto analyst Celal has forecasted that the price of Bitcoin may reach an impressive new all-time high (ATH) of $145,000. Along with this bold prediction, he has also shared a timeline for when this leading cryptocurrency could achieve this milestone.

Key Takeaways

Analyst Celal predicts Bitcoin could reach $145,000 between October and November.
Currently, Bitcoin is facing resistance around the $70,000 range amid geopolitical tensions.
Key price levels are identified between $70,685 and $65,636, with significant trading activity noted.
Economic factors, including rising oil prices and Federal Reserve policies, pose challenges for Bitcoin.
Bitcoin has been in a bear market since October, indicating potential for further downside in the coming months.

Bitcoin

Projected Timeline for Bitcoin's Reach to $145,000

In a post on X, Celal mentioned that Bitcoin's price could surge to $145,000 sometime between October and November. He included a chart indicating that this potential rally may occur as Bitcoin's Relative Strength Index (RSI) increases and enters the overbought territory, potentially climbing to 90. His analysis suggests that Bitcoin might already be establishing a bottom as it gears up for this anticipated rise to a new ATH.

This optimistic Bitcoin price projection comes amidst challenges, as Bitcoin has been struggling to maintain its position above the critical psychological threshold of $70,000. Economic and geopolitical factors, particularly the ongoing tensions between the U.S. and Iran, have placed additional pressure on Bitcoin's performance, with U.S. President Donald Trump signaling possible escalations should Iran not comply with demands related to the Strait of Hormuz.

Bitcoin
Source: Chart from Celal on X

Crypto analyst Ali Martinez commented that Bitcoin currently finds itself at a crucial juncture, caught in a “no-trade zone.” He highlighted the significant price range between $70,685 and $65,636, as over 1.72 million BTC have been traded in this area, indicating that both buyers and sellers are entrenched.

Martinez also pointed out that Bitcoin is unlikely to experience significant price movement until it breaks above $70,685 or drops below $65,636. On another note, analyst Ardi stated that Bitcoin remains in a bear market, suggesting that the recent price rally was primarily due to short-covering and that there could be potential for a larger decline.

Economic Conditions Challenging for Bitcoin

Crypto analyst Colin remarked that the current economic environment is unfavorable for Bitcoin, noting the rise in oil prices and the Federal Reserve’s unlikely approach to lowering interest rates soon. He emphasized that Bitcoin is further along the risk curve compared to stocks, which may pose challenges ahead for BTC.

Colin expressed concern about an inevitable breakdown from the bear flag pattern Bitcoin has been trading in since February. He stated that it's merely a matter of time before Bitcoin's price reacts. Additionally, he noted that Bitcoin has been in a bear market since October 5 and is only five months into this downturn, which typically lasts around 12 months, suggesting that further price declines could be forthcoming.

As of this writing, Bitcoin is trading at approximately $68,800, reflecting a decline over the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $68,634 on the 1D chart | Source: BTCUSDT on Tradingview.com