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Bitcoin (BTC) has reclaimed a crucial price level earlier today, and it appears that more highs will be seen in the coming days. As of writing time, BTC is trading at $61,386, after a jump of 4.29% in the last 24 hours. Notably, it was trading around $58,000 almost 12 hours ago.
Consequently, this surge to $61,386 is considered a bullish move from Bitcoin, and it may be the start of a major price rally. Analysts are also giving bullish Bitcoin price predictions after seeing this significant recovery. For instance, prominent crypto analyst Jelle has predicted that BTC can hit $140,000 by the end of this year.
Major Bitcoin price prediction
In a tweet posted earlier today, the analyst mentioned that Bitcoin is still trading inside this major descending and broadening wedge. This level is situated right above the key $60,000 price level. However, he explained that the final third of the year is approaching quickly, and traders will not have to wait too long for Bitcoin to start pushing higher.
Jelle concluded his tweet by predicting that the final target of this BTC cycle remains around the $140,000 level. According to estimates, the BTC price will need to surge almost 128% to hit this target from the current levels. While this may seem like a major target to achieve, BTC has already surged 109.2% over the last year.
Hence, this 128% is also achievable by the leading crypto on the market. However, it may take some additional time to achieve. While this target may not come by the end of this year, it can still happen at some point in 2025. Moreover, if the broader financial scenario improves in the near future, then Jelle’s prediction may be prove right.
The market impact of recent developments, like the launch of Bitcoin spot ETFs and the Bitcoin halving event, are also not cashed in yet. Many have predicted that the bullish impact will be made manifest over the long term. Consequently, it can be assumed that Bitcoin can claim a new all-time high (ATH) in the near future.
Yuri Molchan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin