Bitcoin analysts rely on 200,000 US

Bitcoin Price Breakout: A New Uptrend Emerges

The cryptocurrency market has witnessed a significant surge in Bitcoin’s price, with the cryptocurrency rising by 5% to $117,300 after Federal Reserve Chairman Jerome Powell hinted at a potential interest rate reduction. This sudden increase led to the liquidation of $379.88 million in short positions, with Ether (ETH) accounting for $193 million of this total, as it rose by almost 15% to $4,760. Bitcoin followed with $56.4 million in short liquidations.

According to BTC/USD hourly chart, the price of Bitcoin rose from a six-week low of $111,600 to an intraday high of $117,300. This increase has led analysts to believe that the Bitcoin upward trend is back, with the potential to achieve $200,000 before the end of the year.

Market Analysis and Expert Insights

Michael van de Poppe, founder of EightGlobal, believes that the current price offers a good entry position for traders, stating that “there was a small sweep and an immediate movement on #bitcoin” and adding that “the uptrend is back.” Colleagues Jelle also shared a similar sentiment, stating that while the Bitcoin price may retrace after the recent pump, “the market wants higher.”

BTC/USD four-hour chart shows the recent price movement. Analyst Bitquant also shared a forecast for higher prices, stating that his cycle-top target of $145,000 for Bitcoin is still on track for 2025. Additionally, Bitwise’s head of European research, André Dragosch, believes that the recent move by US President Donald Trump to allow crypto in 401(k) retirement plans could push the price of Bitcoin to $200,000 by the end of the year.

Conclusion and Future Outlook

The recent price surge and liquidation of short positions have led to a shift in market sentiment, with many analysts believing that the Bitcoin upward trend is back. While there are varying opinions on the future price of Bitcoin, one thing is clear: the market is looking to move higher. As the cryptocurrency market continues to evolve, it is essential for investors to stay informed and conduct their own research before making any investment decisions.

This article does not contain investment advice or recommendations. Every investment and trade movement involves risk, and readers should conduct their own research before making any decisions. For more information on the recent Bitcoin price breakout, visit https://cointelegraph.com/news/bitcoin-price-breakout-to-dollar117k-liquidates-bears-opening-door-to-fresh-all-time-highs?utm_source=rss_feed&utm_medium=rss_category_market-analysis&utm_campaign=rss_partner_inbound