According to several crypto traders, Bitcoin’s next significant move might see its price soar to $110,000, even though the BTC price chart exhibits a pattern of “lower highs and lower lows.” This optimistic forecast comes despite concerns over these emerging patterns.
Michael van de Poppe, founder of MN Capital, stated in a July 17 post on X that “the next leg is likely to bring Bitcoin to $110K.” This prediction is made amidst observations by other traders that Bitcoin’s recent highs have been consistently lower than its previous peaks.
Related: Bitcoin Traders Anticipate a 'Push Higher' Following Bullish Metrics
Veteran trader and analyst Peter Brandt emphasized this trend, noting on July 17 that “the sequence of lower highs and lower lows continues despite the halving, despite the ETF, despite the hype.” In contrast, van de Poppe appears less worried, attributing Bitcoin’s recent price volatility to the challenges faced by miners due to increasing operational costs and reduced mining rewards following the April halving.
Van de Poppe highlighted that “the true hashrate drawdown at its last low on July 1st was as HEAVY as during the FTX collapse,” suggesting significant stress in the mining sector.
Related: Bitcoin's Rise to $100,000: Anticipating When, Not Whether
Since hitting its all-time high of $73,679 on March 13, Bitcoin has crossed the $71,000 mark multiple times but has not yet reclaimed its record price. Notably, Bitcoin failed to breach the $60,000 level for nine consecutive days in July, a streak not seen since February 28. On July 5, Bitcoin hit a recent low of $54,274, the lowest in four months, according to CoinMarketCap. Nonetheless, Brandt expressed his admiration for Bitcoin’s resilience, as it rebounded to critical support within two weeks, reaching $65,735 on July 17.
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While the exact timeline for this “next leg” remains uncertain, other analysts have provided more definitive predictions about when Bitcoin might surpass the $100,000 threshold. Pierre Rochard, vice president of research at Riot Platforms, anticipates that this could happen before July 2025. He mentioned in a July 17 X post, “Bitcoin could go to $100,000 over the next 12 months.”
However, not all traders share this optimism. Crypto trader and investor Marco Johanning predicts that Bitcoin will not reach $100,000 this time, suggesting a nearly 19% lower target. “The new low at 53.4k changes the targets for Bitcoin to 81k or 94k,” he noted.
