Investors’ Eye Bitcoin: Will  BTC Price Achieve $170,000 Mark?

• Bitcoin’s rally for $170,000 may be possible if it sustains over the 21 EMA.
• Strong bullish momentum can be seen as the open interest in BTC futures has increased to $19B.
• Political support for cryptocurrencies in the US could improve Bitcoin‘s position in the market.

Bitcoin (BTC) price has exceeded the last 2 months’ high amid a recent rally and reached the $68,000 territory. Egrag is a cryptocurrency market analyst. He shared his analysis of the Bitcoin forecast in the broader time frame. He expects that the BTC price may climb to $170,000 in the future.

Bitcoin Price Chart Analysis and Its Momentum

The Bitcoin price has faced a strong bullish trend for the past few months. It has overcome many key resistance levels. In March 2024, Bitcoin recorded an all-time high (ATH) of $74,000 and underwent a vital consolidation phase.

The BTC price has traveled from $60,000 to $68,000 in a week by gaining 12%. This bullish momentum has sparked the long-term bullish momentum.

The recent spike followed multiple rejections of Bitcoin at $65,000 and $66,508 over the previous few months. However, the majority of industry analysts predicted that Bitcoin will likely break through $70,000 shortly. Its current price has hovered around $67,600.

Zerocap CIO Jonathan de Wet is optimistic about Bitcoin. “We see it at $70,000 in the coming weeks,” he stated. He also gave some technical explanations, citing a recent breakout as a reliable base for additional climbing.

Bitcoin Price Analysis Based on Technical Indicators and Key Levels

Bitcoin’s 21 EMA trendline is essential for sustaining the current bullish trend, according to cryptocurrency analyst Egrag. According to his analysis, BTC crypto has the potential to continue its upward trajectory toward $170,000. For this, it must trade above $67,285 by the end of October.

Egrag points out that prior Bitcoin cycles show comparable upward movements following a close above the 21 EMA. Notably, after breaking this trendline, the BTC price saw notable increases in the 2016 and 2020 bull markets.

He warned that a short-term correction might occur if this level is not maintained. The market’s general trend was still upward.

A crucial level for this Bitcoin cycle, according to Egrag, is the Fibonacci level of 1.618. According to him, Bitcoin could reach $170,000, a 250% increase from its current price, if the trend continues.

Economic Factors That Affect Market Sentiment

The BTC price is expected to rise due to many additional factors. Political circumstances in the United States are the source of these favorable sentiments. This includes particularly those involving presidential candidates who support the cryptocurrency market, 

Donald Trump has declared his intention to establish the United States as the global leader in cryptocurrency. This action might boost market confidence and entice additional institutions to invest.

Additionally, BitMEX’s Arthur Hayes noted that geopolitical unrest in the Middle East may raise the Bitcoin price. Hayes claimed that increased government expenditure on these conflicts may cause inflation. It can drive investors to seek alternative assets like Bitcoin.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.