Bitcoin (BTC) is down 2% on the weekly scale. It is currently priced at $67K, just shy of its ATH from 2021. Despite the sudden correction that sent shockwaves across the crypto market last week, both retail and institutional analysts believe the next target for BTC could be well above $90K by year’s end.
Analysts from the global investment firm Bernstein raised their BTC price forecast from $80K to $90K. The new price target comes following BTC’s run-up to $73K.
With a new bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and all-time high miner dollar revenues, we continue to find bitcoin miners compelling buys for equity investors seeking exposure to the crypto cycle —analysts Gautam Chhugani and Mahika Sapra wrote on a research report on Thursday.
Since most market observers agreed there’s a lot more room for the crypto asset, given that the Bitcoin halving is scheduled for early April, $80K now seems to fall short.
Moreover, Berstein expects a hashrate reduction of 7% following post-halving shutdowns.
Bitcoin Price Forecast: $97K
Titan of Crypto suggested a bullish outlook for Bitcoin with a target price of over $97K. The trader highlighted that BTC has regained its Tenkan—also called Conversion Line—a key indicator that shows potential support and resistance areas on different timeframes.
According to the chart shared by the analyst, BTC is breaking out from a bull flag pattern, and if confirmed, it could lead to a target price of $97,400.
#Bitcoin $97,000 target!?💥🚀#BTC regained its Tenkan 🔴 and is currently breaking out from the bull flag.
If the breakout is confirmed and the bull flag plays out, $97,400 could be the target. 🎯 pic.twitter.com/Kw9xvDWKTR
— Titan of Crypto (@Washigorira) March 21, 2024
On the other hand, popular analyst Trader Tardigrade (TATrader_Alan on X) denoted a bullish engulfing pattern observed in Bitcoin’s daily chart. This candlestick pattern signifies a shift in market sentiment.
In this specific scenario, buyers are gaining control over sellers, the analyst said.
The two examples below show BTC had risen from 30k to 50k and from 40k to 66k after the Bullish engulfing pattern appeared. It is anticipated BTC will have a decent BULL RUN upcoming.
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