Crypto analyst Celal has forecasted that Bitcoin’s price may reach a remarkable new all-time high (ATH) of $145,000. He also outlined a potential timeline for when this leading cryptocurrency could achieve such a significant milestone.
Projected Timeline for Bitcoin to Reach $145,000
In a recent post on X, Celal mentioned that he anticipates Bitcoin’s price will surge to $145,000 sometime between October and November. His analysis included a chart indicating that this upward movement could coincide with the Relative Strength Index (RSI) of BTC rising above the overbought threshold and reaching 90. The chart further suggested that Bitcoin might already be establishing a bottom as it prepares for this rally towards its new ATH.
This optimistic prediction comes at a time when BTC is facing challenges in maintaining its position above the critical psychological level of $70,000. The cryptocurrency market is under pressure due to geopolitical tensions stemming from the U.S.-Iran conflict, with President Donald Trump warning of escalated actions if Iran does not open the Strait of Hormuz.
Another crypto analyst, Ali Martinez, emphasized that we are currently in a waiting phase as Bitcoin finds itself at an important juncture. He noted that BTC is trapped within what he describes as a “no-trade zone,” specifically between prices of $70,685 and $65,636—key levels on the chart right now. Martinez highlighted that more than 1.72 million BTC have been traded within this range recently; thus indicating strong positions taken by both buyers and sellers.
Martinez further pointed out there won’t be any significant movements in Bitcoin’s price until it either breaks through resistance at $70,685 or falls below support at $65,636. Analyst Ardi added his perspective by stating that BTC remains entrenched in bear market conditions; he attributed recent rallies primarily to short covering rather than genuine bullish momentum which leaves room for potential declines ahead.
The Economic Environment Poses Challenges for BTC
According to another crypto expert named Colin, current economic conditions are unfavorable for Bitcoin’s valuation—particularly with rising oil prices and little expectation from the Federal Reserve regarding interest rate cuts anytime soon. He noted these factors are detrimental since cryptocurrencies like BTC carry higher risk compared to traditional stocks.
Colin expressed concerns about an impending breakdown from what has been identified as bear flag patterns observed since February.
The analyst remarked it’s merely about how long Bitcoin can sustain its current pricing before succumbing further; noting it entered into bear territory on October 5th—and is only five months into this trend—which historically lasts around twelve months suggesting more downside may be forthcoming.
As per CoinMarketCap data available at press time,Bitcoin was trading near approximately $68,800, reflecting losses over the past day.
Featured image sourced from Pixabay; chart data courtesy Tradingview.com