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Cryptocurrency analyst Ted (@TedPillows), who boasts more than 114,000 followers on the X social media platform, believes that the price of Bitcoin, the flagship cryptocurrency, could potentially peak at $180,000 during this cycle.
The crypto expert has opined that Bitcoin is currently showing "incredible strength" despite various headwinds.
As reported by U.Today, Mt. Gox creditors recently started receiving their payouts en masse on Kraken and other exchanges, which caused renewed selling pressure.
Alex DovbnyaMoreover, U.S. tech stocks, which tend to be highly correlated with Bitcoin, experienced their worst rout since 2022 on Wednesday.
Despite these bearish factors, Bitcoin experienced only a negligible price drop. According to CoinGecko data, the cryptocurrency is currently changing hands at $64,815 after recovering from an intraday low of $63,514.
The analyst has noted that Bitcoin is currently consolidating below its current price peak that was achieved in March following the successful launch of various spot ETFs in January. Sooner or later, however, this consolidation phase is set to come to an end.
The Federal Reserve cutting interest rates later this year would be the main bullish catalyst for Bitcoin, according to the crypto expert. Markets are currency betting that there is virtually a 100% chance that the Fed will finally start much-awaited rate cuts in September.
How high can Bitcoin go?
For instance, prominent commodity trader Peter Brandt sees Bitcoin peaking at $150,000 during this cycle. Fundstrat's Tom Lee has repeatedly named the same price target, predicting that declining inflation would be one of the key bullish headwinds.
Crypto billionaire Mike Novogratz has also repeatedly forecasted that the price of Bitcoin could surge into six-digit territory as soon as this year.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov