Bitcoin’s current market downfall has raised questions in the minds of many as to how the price will progress in the future. Ali Martinez believes, “If Bitcoin reclaims $84,000 as support, the path could open for a rally toward a new all-time high of $128,000.”
The prediction comes amid an ongoing bloodbath in the crypto market. Bitcoin’s price has tumbled below the $85K mark, making investors worried. At the press time, the OG-crypto is trading at $83,276.65, down 2.91% as compared to the same time last day.
Bitcoin’s Price Needs to Hold the $84K For Future Rise
Analyst predicts that a considerable rally toward a new all-time high of $128,000 might be triggered if Bitcoin ($BTC) is able to successfully regain the $84,000 support level.
Since it has been a solid price point for Bitcoin in past bull cycles, the $84,000 level is seen as an important support zone. Bitcoin would certainly draw in more institutional and individual investors if it could stabilize above this level, indicating that market sentiment is once again becoming bullish.
A technical confirmation of consistent higher momentum might be provided by reclaiming $84,000 as support, which might allow Bitcoin to test and eventually surpass its prior highs.
If the overall cryptocurrency market continues to be favorable, a price objective of $128,000 appears realistic given the growing adoption and interest from both institutional and retail investors.
For this rise to occur, though, market circumstances must remain favorable due to Bitcoin’s volatility.
Also Read: Crypto Investor Secures Over $7.5 Million in Unrealized Profits After Shorting Bitcoin At $96.5K
Why is Bitcoin Loosing Momentum?
The cryptocurrency market is still losing ground as traders reevaluate how trade tensions between the US and other nations given the tariffs situation will affect the world economy.
Fears that more stringent restrictions may impede the growth of cryptocurrencies have escalated in response to regulatory crackdowns in important markets.
Additionally, this week, the US CPI data might help investors access their portfolio again but till then, participants are likely going to take a cautious stance.
Also, Bitcoin may be under pressure to sell as a result of some big institutional investors adjusting their holdings in reaction to market volatility.
What Will Help Bitcoin Rise in Future?
Important support levels and general market sentiment will determine Bitcoin’s short-term price forecast. A recovery toward $90,000 or $95,000 is possible if it can stay above $80,000.
However, volatility may be brought on by worries about regulation and macroeconomic variables like inflation or rising interest rates. As investors respond to news and market conditions, Bitcoin’s price may fluctuate in the near future, making its future uncertain.
Also Read: Trump Moves to Establish U.S. Bitcoin Reserve with New Executive Order Ahead of White House Meeting