Cryptocurrency analyst Ted predicts that Bitcoin could potentially rise as high as $180,000 in the current cycle. Ted believes Bitcoin continues to have “extraordinary strength” despite various challenges in the market.
Mt. Gox creditors have recently begun receiving payments in bulk from Kraken and other exchanges; This increased reselling pressure, leading to a decline. Additionally, US technology stocks, which are typically highly correlated with Bitcoin, suffered their worst declines since 2022 on Wednesday.
Despite this bear market pressure, Bitcoin is currently performing well with only a slight price decline. According to CoinGecko data, Bitcoin is currently trading at $64,815, while its intraday low was $63,514.
The analyst noted that BTC is currently consolidating just below the peak achieved in March and predicted that this consolidation process may end soon.
The cryptocurrency trader believes that the Federal Reserve lowering interest rates later this year could be the main bullish catalyst for Bitcoin. Markets are betting that the Fed will begin its expected rate cuts by almost 100% in September.
How High Can Bitcoin Rise?
Prominent commodity trader Peter Brandt predicts that Bitcoin could reach as high as $150,000 this cycle. Fundstrat's Tom Lee has stated the same price target, repeatedly emphasizing that falling inflation will be one of the main bullish tailwinds for Bitcoin.
Crypto billionaire Mike Novogratz has also repeatedly predicted that the price of Bitcoin could reach six figures this year.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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