Reposted from: CIARAN LYONS
Bitcoin could surge to $110,000 in its next major uptrend, despite some traders pointing out a trend of "gradually lower highs and lows" on the Bitcoin price chart.
"The next cycle might bring Bitcoin towards $110,000," wrote Michael van de Poppe, founder of MN Capital, in a post on the X platform on July 17. This comes as other traders have pointed out that Bitcoin (BTC code down $64,868) has failed to reach previous highs, with each new high being lower than the previous one.
"Despite the halving, ETF, and hype, it should be noted that the trend of gradually lower highs and lows continues," noted senior trader and analyst Peter Brandt in a post on the X platform on July 17.
Van de Poppe is not as concerned, linking the recent volatility in Bitcoin's price to the struggles faced by Bitcoin miners due to rising operational costs and reduced mining rewards after the halving in April.
"At the last low on July 1, the real hash rate drop was as severe as during the FTX crash," said Van de Poppe.
Since reaching a historic high of $73,779 on March 13, Bitcoin has broken the $71,000 mark several times, but has yet to reach record prices again.
Additionally, Bitcoin has failed to break the $60,000 mark for nine consecutive days in July, a situation that has not occurred since February 28. According to CoinMarketCap data, Bitcoin hit a recent low of $54,274 on July 5, the lowest price for the asset in four months.
In the past 30 days, Bitcoin has dropped by 1.65%. Source: CoinMarketCap
However, Brandt expressed that he was "impressed" by Bitcoin's recent price rebound, as it recovered from its low point within two weeks and returned to a key support level, reaching $65,735 on July 17.
While the timeline for the "next uptrend" remains unclear, other analysts have provided more definitive predictions for when Bitcoin could break $100,000.
Pierre Rochard, vice president of research at Riot Platforms, believes this could happen at some point before July 2025. "Bitcoin could reach $100,000 within the next 12 months," Rochard wrote in a post on the X platform on July 17.
Other traders, however, are more conservative.
Cryptocurrency trader and investor Marco Johanning believes that Bitcoin will not reach $100,000, "at least not this time," and provided a prediction of less than 19%.
"The new low of $53,400 has changed Bitcoin's target price, with the new targets being $81,000 or $94,000," he added.
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