Bitcoin Price Prediction: Analysts See $170,000 Long-Term Target Amidst Imminent Bearish Correction Warnings
Bitcoin Price Prediction: Analysts See $170,000 Long-Term Target Amidst Imminent Bearish Correction Warnings
Crypto analyst Hanzo has predicted Bitcoin (BTC) will rally to a new all-time high of $170,000 by 2029, advising investors to buy at $58,000 and sell at $165,000. However, this long-term bullish outlook is contrasted with strong warnings of an imminent market correction in the short to medium term.
Despite a recent relief rally to $78,000, multiple analysts including Hanzo, Doctor Profit, and Colin suggest the current market surge is a potential "bull trap." They anticipate a significant crash to as low as $58,000 before Bitcoin bottoms. Colin specifically questions if the reopening of the Strait of Hormuz is a "sell-the-news" event and warns that $78,000 might be a local top before another downtrend.
While BTC needs to decisively break above $78,000 to invalidate the current bearish trend, the consensus among these analysts points towards a correction happening sooner rather than later, potentially impacting the U.S. stock market within the next one to two months.
Crypto analyst Hanzo has predicted that Bitcoin will rally to a new all-time high (ATH) of $170,000 in the next bull run. He also revealed what level investors should look to buy BTC in this bear market as they target this potential rally to $170,000.
Bitcoin To Rally To $170,000 In Next Bull Run
In an X post, Hanzo stated that Bitcoin is going to $170,000 and advised investors to buy BTC at $58,000 and sell it at $165,000. His statement suggests that the flagship crypto is likely to bottom out at $58,000 in this bear market. Meanwhile, his accompanying chart showed that BTC could reach $170,000 by 2029, which would mark the peak of the next bull market. Related Reading: This Indicator Used To Predict Bitcoin Bottoms Is Flashing Below $50,000
Meanwhile, it is worth noting that his prediction comes amid a Bitcoin relief rally to as high as $78,000 yesterday, with the flagship crypto reaching its highest level since February. The relief rally came as Iran announced that it has reopened the Strait of Hormuz. The rally also comes amid optimism that the U.S.-Iran war could end soon.
However, Hanzo’s prediction indicates that the bear market isn’t over for Bitcoin despite this relief rally and that the flagship crypto is still likely to crash to as low as $58,000 before it bottoms. Crypto analyst Doctor Profit, who called the BTC top last year, also described this recent rally as a bull trap.
In an X post, the analyst pointed out that he had previously mentioned that Bitcoin would see a strong bull trap before going down. He added that the next BTC crash will also affect the U.S. stock market and predicted it could happen within the next one to two months.
A Correction Is Likely To Happen Sooner Rather Than Later
Crypto analyst Colin opined that a Bitcoin correction is likely to happen sooner rather than later. This came as he questioned whether the reopening of the Strait of Hormuz will be a sell-the-news event. He added that the market has likely already priced in this event over the last 12 days, which is why BTC’s recovery began earlier. Related Reading: Analyst Reveals The Chances Of Bitcoin Price Crashing Again
The analyst also mentioned that Bitcoin is currently at an interesting crossroads as it looks to break out of a descending channel. His accompanying chart showed that BTC will need to break above $78,000 to invalidate the current bearish trend. However, Colin suggested that there is a high likelihood that $78,000 is the local top, with another downtrend on the horizon.
At the time of writing, the Bitcoin price is trading at around $77,200, up over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com