Bitcoin could reach $135k before market correction says analyst
Bitcoin (CRYPTO:BTC) is expected to rally to $135,000 as an intermediate-term target before facing a significant corrective phase, according to Katie Stockton, founder of Fairlead Strategies.
Stockton told CNBC that after nearly two months of consolidation, Bitcoin’s recent breakout signals a measured move projection that places the price near $135,000.
She noted positive momentum across the cryptocurrency market, including assets such as Ether and XRP, and indicated that stocks related to Bitcoin like Coinbase and MicroStrategy could also perform well.
Other analysts have echoed similar forecasts.
Markus Thielen, head of research at 10x Research, projected that based on the July 10 breakout, Bitcoin could rise 20% in the next two months, reaching around $133,000, with a year-end target of $160,000.
“We remain optimistic that Bitcoin can continue, pending no sudden black swan events.” Nick Ruck, director at LVRG Research, said investors anticipate $150,000 as the next major price level, adding.
Technical analysts at Cointelegraph flagged a reasonable short-term Bitcoin target range of $132,000 to $138,000 before momentum slows.
The breakout is interpreted as a “bull flag” pattern suggesting a target near $130,000.
Bitcoin recently surpassed $120,000, breaking a resistance trendline dating back to 2018.
Nic Puckrin, founder of The Coin Bureau, described this as “an incredibly bullish signal,” but noted that retail buyers have yet to enter the market.
He expects retail investment to increase around the $150,000 level when fear of missing out (FOMO) may kick in.
Despite Bitcoin’s market capitalization reaching $2.4 trillion, overtaking Amazon to become the world’s fifth-largest asset, it remains a relatively small asset compared to gold, equities, and real estate, said James Lavish, co-founder of Bitcoin Opportunity Fund.
The consensus points to Bitcoin continuing its upward trajectory before experiencing a period of consolidation.
At the time of reporting, Bitcoin price was $116,770.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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