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Bitcoin Rally Continues: $160K Target Amidst Volatility
3 Dec
Summary
- Experts predict Bitcoin may reach $160,000 soon.
- Current market downturn is seen as a sentiment shock, not fundamental.
- A significant sell-off is unlikely unless Bitcoin falls below March 2024 highs.
The Bitcoin market is experiencing a temporary drawdown, which experts believe is a result of sentiment shocks rather than a fundamental shift. Analysts suggest that as long as Bitcoin remains above its March 2024 high of around $74,000, a drastic sell-off is unlikely, and the market may continue to see long positions added on dips.
Market professionals anticipate a period of 'directionless volatility' over the coming months, with a potential low forming between $71,000 and $80,000. This phase is viewed as a typical Wave IV correction in market cycles. Once this base is firmly established, a significant rally is expected to commence, potentially driving Bitcoin prices toward $145,000 to $160,000 by late 2026 or early 2027.
The current decline, which saw the crypto market capitalization drop close to $3 trillion and Bitcoin trading at $85,999, is not seen as an end to the bull run. Instead, it's considered a pause before further upward movement. The expectation is that after this correction concludes, Bitcoin will resume its upward trajectory, reaching new all-time highs.
