How High Can Bitcoin Go?
Technical Analyst Points To $160K
Based on my technical analysis, Bitcoin has clearly broken through the previous resistance from May, located around $112,000. A new local support zone is now beginning to form, which may support further price discovery. Although analyzing charts in these previously untested price areas is challenging, projections based on Fibonacci extensions have proven helpful.
Bitcoin has already reached the first target suggested by the indicator—around $120,000 (the 61.8% extension level). The next targets are $136,000 (100%) and, ultimately, nearly $160,000 (161.8% Fibonacci extension).
While the market may currently be somewhat overvalued, a potential pullback toward the $110,000–$100,000 range would not invalidate the bullish outlook. From a technical indicator perspective, the setup remains positive, and sentiment continues to be strongly bullish, which could support further price gains.
Only a break below $100,000 and the 200-day EMA, currently positioned around $97,000, could signal a potential trend reversal. And while my forecast is decidedly bullish, it is still more conservative than that of Bitwise’s CIO, who is targeting $200,000 by the end of the year.
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