How high can Bitcoin's price go?
Bitcoin recently broke through $100,000, setting a new three-week high, and the market is starting to predict it may continue to rise, possibly even breaking through $120,000.
On January 7, Bitcoin rose by 2.3%, reaching approximately $102,760, the highest point in nearly three weeks.
According to data from Cointelegraph Markets Pro and Coinbase, Bitcoin's price has rebounded from a low of $91,315 on December 30, increasing by 11.8% so far, with the current price approximately $101,942.
Bitcoin recently broke through $100,000, marking the first breakthrough since December 19, 2024, and the market discussions have heated up, with everyone speculating on how much higher Bitcoin will go next.
Analysts have set high targets.
Bitcoin's latest rebound has led analysts and traders to set price targets based on different analyses and market sentiments.
Analyst WealthSquad Chris believes the current bull market may continue to drive Bitcoin upwards, targeting $120,000.
In the technical chart he shared, Chris shows that Bitcoin is breaking out from a consolidation range and is making a move towards $100,000. If this key point is breached, Chris believes $120,000 could become the next upward target.
Many analysts also believe Bitcoin could continue to rise before the end of the year, with target prices becoming increasingly higher. For instance, crypto investor Mike Alfred mentioned that Bitcoin could potentially rise to $200,000, followed by $315,000, $500,000, or even have a chance to reach $700,000.
He stated on the X platform: 'Bitcoin has almost no downside potential left.' He also mentioned that Bitcoin may retrace to $95,000 or $96,000 before continuing to rise.
The daily Fibonacci indicates Bitcoin's price could reach $450,000.
Based on its historical performance and Fibonacci extension levels, crypto commentator MartyParty believes Bitcoin could potentially reach the range of $172,000 to $450,000.
Based on Bitcoin's trend since mid-2019, the price has broken through all Fibonacci extension levels. Now Bitcoin needs to break through the $107,500 1.0 extension level to enter the next target range, which may continue to challenge higher targets, such as 2.618 and other more distant goals.
According to MartyParty's analysis, this chart shows that Bitcoin's highest target could be the 4.236 extension level, close to $450,000.
The bullish flag for Bitcoin indicates an upward target above $175,700.
From a technical perspective, Bitcoin's recent price movement has formed a bullish flag pattern on the weekly chart. This pattern typically appears after a significant price increase, followed by consolidation within a downward-sloping range, which is viewed as a bullish signal, suggesting that a larger increase may follow, with targets potentially exceeding $175,700.
A bullish flag typically continues to rise after the price breaks above the trendline, and its gains are usually comparable to the previous upward movement. This implies that Bitcoin's price target could reach $175,700, about 73% higher than the current price.
Additionally, the relative strength index (RSI) on the daily chart for Bitcoin is currently at 69, indicating that the market is still in a bullish state, which is favorable for Bitcoin to hit this bullish flag target.
