Higher Before Lower: How Bitcoin Price Will Get To $240,000

The current downtrend has put the Bitcoin price in an increasingly difficult position as bears push back on every recovery. Even now, the price continues to struggle to maintain an uptrend, but it has not deterred bulls from predicting higher prices. The general consensus still remains that the Bitcoin price will cross $100,000 again and eventually reach new all-time highs. As these bullish predictions roll out, one analyst has given their opinion on how the cryptocurrency’s price will move from here.

Bitcoin Could Rally To $90,000 First Before Crashing

Pseudonymous crypto analyst Cyclop shared their expectations for the Bitcoin price on X following the initial rally at the start of the week. While bearish sentiment still abounds, the analyst does not believe that this would necessarily lead to the price crashing further from here.

Instead, Cyclop says that the current bearish sentiment could end up pushing the price higher. The reason for this is the fact that investors are ready to buy lower. What this means is that there is still money to buy cryptocurrencies such as Bitcoin, and this is not how a bottom would play out.

Given that bottoms happen when people have run out of money to buy, the analyst believes that there would be another run-up just to shake out investors. This initial run could send the Bitcoin price high toward the $90,000 level, but then the resulting dump would reset the market sentiment.

It is only when something like this happens that the crypto analyst believes that the Bitcoin price will have hit a bottom. The squeeze higher and the dump could completely devastate sentiment, leaving room for the Bitcoin price to finally have a real rally.

Source: X

BTC Pushing The Road To $240,000

In a previous post, the crypto analyst had stated the major targets that they are looking at for the Bitcoin price. The first was $69,000, which the cryptocurrency had hit earlier in the week, marking a possible start to the rally that takes it back to six-figures.

Next is a run-up to around $78,000, which is the upward squeeze the analyst spoke of. Then the next in line would be a massive crash that would take the Bitcoin price to new cycle lows at $42,000, and reset the sentiment. And finally, there would be the explosive rally, which the crypto analyst believes could see the bitcoin price reach $240,000.

BTC still holding above $70,000 | Source: BTCUSD on Tradingview.com

Featured image from Dall.E, chart from TradingView.com