Crypto analyst Celal has predicted that the Bitcoin price could hit a new all-time high (ATH) of $145,000. The analyst also provided a timeline for when the leading crypto could hit this milestone.
When The Bitcoin Price Could Hit $145,000
In an X post, Celal stated that the Bitcoin price will rally to $145,000 between October and November. His accompanying chart showed that this rally could happen as BTC’s Relative Strength Index (RSI) picks up and hits overbought, rising to 90. The chart also suggested that the leading crypto may already be forming a bottom as it eyes this rally to a new ATH.
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This Bitcoin price prediction comes as BTC continues to struggle to hold above the psychological $70,000 level. The leading crypto is under pressure due to the U.S.-Iran war, with U.S. President Donald Trump threatening to escalate things if Iran doesn’t open the Strait of Hormuz.
Crypto analyst Ali Martinez noted that it is currently a waiting game as the Bitcoin price is at a crossroads. He said that BTC is stuck in a “no-trade zone” and that right now, the area between $70,685 and $65,636 are the most important spot on the chart. The analyst further revealed that over 1.72 million BTC have been transacted around this range, meaning that “buyers and sellers are digging in their heels.”
Martinez added that there won’t be a big move for the Bitcoin price until it either breaks above $70,685 or falls below $65,636. Crypto analyst Ardi stated that BTC is still in a bear market and that the rally over the past few weeks was because of short covering. As such, the leading crypto is still at risk of a larger decline.
The Economic Backdrop Is Bad For BTC
Crypto analyst Colin stated that the economic backdrop is bad for the Bitcoin price, with oil prices rising and the Fed unlikely to lower rates anytime soon. He also noted that this is bad for BTC, considering that it is further up the risk curve than stocks. Based on this, Colin remarked that an eventual breakdown from the bear flag, which it has been trading inside since February.
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As such, it is just a matter of how long the Bitcoin price holds on for at this point, the analyst said. He also noted that BTC has been in a bear market since October 5 and is only five months into it. Colin said that this means there is likely further downside since a typical bear market lasts for 12 months.
At the time of writing, the Bitcoin price is trading at around $68,800, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com