Bitcoin is making headlines again after days of massive volatility.
Amid its recent downward trend, some crypto experts suggest the coin could hit new highs in the coming months.
The analyst made this huge forecast based on the past trends of the coin, seeing $86,000 as a target.
Adding to the optimism, others also see favorable economic conditions that could push BTC’s price northward.
BTC Price Getting Set for Potential Breakout, Says Analyst
A popular crypto analyst, Rekt Capital, shared on his X page that BTC could be preparing for a rally.
According to his analysis, this breakout may happen as soon as September (a few days from today).
Rekt Capital Analysis – Source: X Post
Notably, the analyst’s insights are rooted in historical patterns observed after BTC’s halving events.
Rekt Capital explains that BTC tends to enter a “Parabolic Phase” of its cycle around 160 days after a halving.
“If history repeats, Bitcoin could be just over a month away from breakout.
That’s late September,” says Rekt Capital.
In support of this, a user wrote, “It will not happen as everyone is thinking the same.
Manipulated market totally.”
Source: X Post
Furthermore, analyst Jamie Coutts believes that the positive macroeconomic outlook also works in Bitcoin’s favor.
Coutts explained, “Now, momentum in global liquidity is starting to accelerate higher while all the froth from ETF launches and excess leverage has left the Bitcoin market.”
Together, these factors could help propel Bitcoin to reach new all-time highs.
Bitcoin Potential Price Target: $86,000
If Bitcoin successfully breaks out in September, crypto analyst Titan of Crypto predicts it will reach a new high.
Interestingly, the analyst believes Bitcoin’s price might climb to around $86,000.
Source: X Post
Moreover, the analyst sees a “megaphone pattern playing out” on the BTC/USDT chart.
This potentially signals a significant upside move soon.
However, Bitcoin still has some challenges to clear before it can break out.
Rekt Capital warns that BTC must first break above its current downtrend.
This means that the coin needs to dip to around $54,000 and $50,000 support levels before making the bullish run.
Moreover, Bitcoin faces significant resistance at the $59,500 level.
“The reality is that Bitcoin is going to keep downtrending until it breaks. But Bitcoin is only one Daily Close above the Downtrend from turning it all around,” said Rekt Capital.
If the cryptocurrency can manage to break above this level, it could trigger bullish sentiment.
Despite these obstacles, the overall sentiment among crypto analysts seems to be one of optimism.