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According to cryptocurrency investors, despite concerns that the Bitcoin price chart is forming a model with low dips, Bitcoin could rise to $110,000 in its next major rally. MN Capital’s founder Michael van de Poppe explained in a post on X on July 17 that the next step could likely bring Bitcoin to $110,000.
What’s Happening on the Bitcoin Front?
Experienced trader and analyst Peter Brandt noted in a post on X on July 17 that the series of lower highs and lower lows continues despite the halving process, ETF developments, and excitement.
Van de Poppe does not seem too worried, attributing Bitcoin’s recent volatile price to the challenges faced by Bitcoin miners due to increasing operational costs and reduced mining rewards after the halving in April. He shared the following statement on the subject:
“The real hashrate drop at the last low on July 1 is as severe as during the FTX bankruptcy process.”
Since reaching an all-time high of $73,679 on March 13, Bitcoin has surpassed the $71,000 mark several times but has yet to reach its record price again. Additionally, there were nine consecutive days in July when Bitcoin could not rise above $60,000, which had not happened since February 28. According to CoinMarketCap, Bitcoin’s last low of $54,274 on July 5 was recorded as the lowest price the asset had encountered in four months.
Price Predictions from Popular Analysts
Peter Brandt was impressed by Bitcoin’s recent price recovery and noted that after this rise, it returned to critical support within two weeks, reaching $65,735 on July 17. While the timeline for the next leg is uncertain, other analysts offer a bit more certainty about when Bitcoin will surpass the $100,000 mark.
Pierre Rochard, vice president of research at Riot Platforms, believes this could happen before July 2025. Rochard predicted in a July 17 X post that Bitcoin could reach $100,000 within the next 12 months. Cryptocurrency investor Marco Johanning suggests that Bitcoin will not reach $100,000 this time and offers a nearly 19% lower estimate:
“The new low at $53,400 changes Bitcoin’s targets to $81,000 or $94,000.”
