Crypto analyst Hanzo has forecasted that Bitcoin is set to soar to a remarkable all-time high (ATH) of $170,000 during the upcoming bull market. He also provided insights on the optimal buying level for investors looking to acquire $BTC amidst the current bear market while aiming for this anticipated surge.
Bitcoin Expected to Reach $170,000 in Upcoming Bull Market
In a recent post on X, Hanzo asserted that Bitcoin will climb to $170,000 and recommended that investors purchase $BTC at around $58,000 and sell it when it hits approximately $165,000. His analysis implies that Bitcoin might hit its lowest point at $58,000 during this bear phase. Additionally, his accompanying chart indicated a potential rise to $170,000 by 2029 as part of the next bull cycle.
This prediction comes on the heels of a recent relief rally where Bitcoin peaked at nearly $78,000 yesterday—its highest price since February. This uptick was spurred by Iran’s announcement regarding the reopening of the Strait of Hormuz and growing optimism about an imminent resolution in U.S.-Iran tensions.
Nevertheless, Hanzo’s outlook suggests that despite this relief rally’s positive momentum for Bitcoin may not signify an end to its bear market; he believes there is still potential for further declines down to around $58,000 before any real recovery occurs. Fellow crypto analyst Doctor Profit—who accurately predicted last year’s peak—has labeled this latest rally as merely a bull trap.
The analyst noted in another post on X that he had previously warned about an impending strong bull trap before prices would drop again. He anticipates that any forthcoming crash in $BTC could have repercussions across U.S. stock markets within one or two months.
A Correction May Be Imminent
Citing his observations about current trends in cryptocurrency markets,
Crypto analyst Colin expressed concerns over an imminent correction for Bitcoin.
This speculation arose from questioning whether news surrounding the reopening of the Strait of Hormuz would lead traders towards selling off their assets instead.
The expert suggested that traders may have already factored this development into their strategies over recent days which could explain why $BTC saw early recovery signs.
The analyst elaborated further by stating how crucial it is for Bitcoin right now as it attempts breaking free from its descending channel pattern; according to his chart analysis,$BTC ($78k), needs surpassing
this threshold if it hopes to negate existing bearish trends moving forward.
If successful though, *Colin* believes there remains significant risk indicating that perhaps we are nearing local tops with subsequent downturns likely ahead.* >.>. . . . >. . . …….>. .. … .. …………….... …… … ……… ….. ……… ….. ………. .. … ….. ………. … ……. .. ………………….
At present time, $77k (upwards movement exceeding 3% over past day)'s worth based upon data retrieved via CoinMarketCap.