TL;DR
- One analyst predicts a substantial surge for Bitcoin (BTC) if it breaks past $97K, with strong buying pressure reinforcing bullish momentum.
- While Trump’s March 7 crypto summit could spark optimism, some warn of a “sell the news” scenario that could lead to a market correction.
A 65% Increase on the Way?
In recent hours, Bitcoin (BTC) has shown signs of stabilization within the $90,000-$92,000 range. This follows a week of heightened volatility, where the leading cryptocurrency fluctuated between $78,000 and $95,000.
Multiple analysts suggest that achieving a new all-time high for Bitcoin may not be an unrealistic expectation. One of the prominent voices in this discussion, Ali Martinez, indicates a potential target of $150,000 if Bitcoin can reclaim the $97,000 mark. This assessment is derived from the Pi Cycle Top Indicator, an on-chain metric used to identify potential market peaks for Bitcoin.
Martinez also recently pointed out that the candlestick wicks on Bitcoin’s weekly chart suggest robust buying pressure, indicating that bulls may step in to defend key support levels.
Another analyst, known by the handle CRYPTOWZRD, has reiterated a bullish outlook, asserting that breaking above $91,500 could pave the way for the next significant bullish position.
“A successful bullish breakout of that will result in a quick rally towards $100,000 or higher,” the market observer added.
For those interested in further factors that could positively influence Bitcoin’s valuation in the near-term, our dedicated article offers additional insights.
Beware of the Crypto Summit
On March 7, US President Donald Trump is set to host a highly anticipated crypto summit at the White House. This gathering intends to address several critical issues, including regulatory frameworks and the future trajectory of the digital asset industry in America, along with discussions surrounding a potential crypto reserve.
Attendees at the summit are expected to include notable figures from the industry such as Michael Saylor, founder of Strategy, and Brad Garlinghouse, CEO of Ripple, among others.
While many believe that the discussions could positively impact Bitcoin’s price, there is also caution about the so-called “sell the news” phenomenon. This market occurrence often sees investors driven by speculation buy before significant announcements, only to sell once the news breaks, thereby causing price corrections.
Earlier this week, reports indicated that Trump would unveil a Bitcoin reserve strategy during the summit. Martinez commented on this news, echoing the sentiment, “Buy the rumor, sell the news.”
This excitement surrounding Bitcoin and the forthcoming summit could play pivotal roles in shaping market dynamics. As always, investors are advised to proceed with caution and remain informed.
The post Bitcoin (BTC) Price Prediction: $150K Is Still Possible But What’s the Catch appeared first on CryptoPotato.
