Bitcoin’s next leg could hit $110K, despite ‘lower highs and lower lows’
Bitcoin could jump to $110,000 on its next major rally, despite concerns of “lower highs and lower lows” forming as a pattern on the BTC price chart, according to crypto traders.“The next leg is likely to bring Bitcoin to $110K,” founder of MN Capital Michael van de Poppe wrote in a July 17 post on X. It comes while other traders point out that Bitcoin (BTC) is failing to reach previous highs, with each new high falling short of the last.“It should be noted that the sequence of lower highs and lower lows continues despite the halving, despite the ETF, despite the hype,” veteran trader and analyst Peter Brandt stated in a July 17 post on X.
Van de Poppe doesn’t seem as concerned, linking the volatile price of Bitcoin in recent times to the struggles faced by Bitcoin miners due to the rising operational costs and reduced mining rewards following the halving in April.
“The true hashrate drawdown at its last low on July 1st was as HEAVY as during the FTX collapse,” Van de Poppe stated.
Since Bitcoin reached its all-time high of $73,679 on March 13, it has breached the $71,000 mark several times but has yet to reach its record price again.
There were also nine consecutive days in July when Bitcoin failed to breach above $60,000, which hadn’t happened since Feb. 28. Bitcoin’s recent low of $54,274 on July 5 was the lowest price the asset faced in four months, according to CoinMarketCap.
However, Brandt said he was “impressed” by Bitcoin’s recent price rebound which saw it falter then recover back to critical support within a two-week period, reaching $65,735 on July 17.
Related: Analysts forecast $200K+ Bitcoin price after BTC’s bullish momentum returns
While “the next leg” has an ambiguous timeline, other analysts are offering slightly more certainty regarding when Bitcoin will breach the $100,000 mark.
“The new low at 53.4k changes the targets for Bitcoin to 81k or 94k,” he added.
