After reaching a new historical peak on Monday, Bitcoin price forecasts have been continuously released and one expert believes that BTC could reach 135,000 USD before the market enters a noticeable correction phase.
Before recording this breakout, Bitcoin had gone through nearly two months of sideways accumulation, according to Katie Stockton – founder and managing partner at Fairlead Strategies.
Stockton said her company builds “forecast models based on measured ranges” based on breakout points, and with the assumption that the previous upward trend continues before a correction, the “mid-term target for Bitcoin will be around 135,000 USD.”
She also noted that stocks related to the Bitcoin market, such as Coinbase or Strategy, are likely to have positive developments as well.
“The entire cryptocurrency market is showing positive signals,” she commented, citing the volatility of Ether and XRP.
Many other experts are also optimistic about BTC prices
Bitcoin broke out of a multi-week accumulation pattern to set a new peak at 122,871 USD on Coinbase on Monday, before slightly correcting below 120,000 USD during Tuesday morning trading.
Stockton's forecast aligns with many recent comments from other experts.
“Based on the breakout signal on July 10, capital usually leads to an average increase of 20% within two months, we forecast that Bitcoin may reach 133,000 USD,” said Mr. Markus Thielen, Research Director at 10x Research.
“We expect a short-term accumulation phase before BTC continues to rise to 133,000 USD. The target of 160,000 USD by the end of the year is still in sight.”
Mr. Nick Ruck, Research Director at LVRG Research, commented:
“Investors are still looking towards 150,000 USD as the next important price milestone in this cycle. We remain optimistic that Bitcoin can continue to grow, as long as there are no unexpected black swan events.”
Experts also mark the range of 132,000–138,000 USD as a “reasonable short-term target” before the rally begins to slow down. They also noted that the current “bull flag” pattern suggests a price target around 130,000 USD.
Retail investors are still absent
Bitcoin has surpassed the threshold of 120,000 USD, breaking a 7-year trendline – which had been a strong resistance area since 2018.
“This is an extremely strong bullish signal, especially in the current context. But the most concerning thing is that buying power from retail investors has not yet appeared. This price increase is mainly driven by institutional capital. The usual signs of retail investors (such as a surge in search volume or cryptocurrency apps hitting the top downloads) have yet to be recorded,” said Mr. Nic Puckrin, founder of Coin Bureau.
He believes that retail investors may only start to enter the market when BTC hits the threshold of 150,000 USD and FOMO kicks in.
Bitcoin is still just a “tiny player” compared to other asset classes
The recent strong rally has pushed Bitcoin's market capitalization to 2.4 trillion USD, helping BTC surpass Amazon to become the fifth largest asset in the world.
However, according to Mr. James Lavish – co-founder of the Bitcoin Opportunity Fund, when considering the entire picture of the financial market (including gold, stocks, real estate, and bonds), Bitcoin is still quite small.
