Bitcoin Will Rise 140 Percent From Here: Analyst Shares Bullish Chart!

Cryptocurrency analyst gave a price target of $140,000 for Bitcoin (BTC) and explained why.

Popular cryptocurrency analyst @CryptoJelleNL featured Bitcoin in his post dated August 15. The analyst pointed to the descending wedge formation on the Bitcoin chart and predicted that the rise would continue.

However, the experienced name, who predicted that the rise would not last too long, pointed to $140,000 as the ultimate target of this bull cycle:

Bitcoin is still trading just above the important level of $60,000, inside this large descending expanding wedge. As the last third of the year is rapidly approaching, we think it won't take long for this to be pushed even higher. The ultimate target seems to be ±$140,000.

The analyst emphasized that positive developments in global markets must continue for this goal to be realized.

In particular, the analyst stated that macroeconomic conditions have a great impact on Bitcoin, implying that central banks' interest rate policies and inflation data will also play an important role in the price.

According to CoinGecko data, Bitcoin, which has increased by 1% in the last 24 hours, is trading at $58,430 at the time of writing.

Note: Friends, Binance has launched a contest for you to score us, the content creators. You can score us by entering our account and using the "Vote" option. We will also be more careful about our mistakes according to our scores.

Could you please click on my account now and score us transparently using the "Vote" option?