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Bitcoin has come under significant selling pressure this week, mirroring the broader downturn in global financial markets.
The Bitcoin price tested the $86,000 support on multiple occasions, declining by more than 10% from its weekly open. Market sentiment has turned deeply bearish, with the Crypto Fear and Greed Index now signalling “Extreme Fear.”
However, a few prominent analysts remain bullish with their Bitcoin price predictions. Key indicators, which have historically accurately predicted the BTC cycle top, are suggesting that the largest cryptocurrency will push towards new highs in the coming months.
Bitcoin Price Prediction — BTC Will Hit A New All-Time High
Bitcoin shows a strong correlation with global liquidity, though it does sometimes lag behind the indicator.
Prominent analyst Joe Consorti highlights that the global money supply began declining in September, experiencing a drawdown of nearly $4 trillion by December. Considering BTC’s strong correlation, this could result in a dip to ~$70,000.
However, the Global M2 supply has already bottomed out in December and is rapidly approaching new highs, indicating the largest cryptocurrency will also see a bullish reversal in the coming month and hit a new all-time high.
Head of Macro Research at GMI Julian Bittel reveals the Global M2 is closely resembling its trajectory during Donald Trump’s first term. If the pattern continues, it could surge to $112 trillion, paving the way for BTC to hit $150k.
Bittel also highlights that financial conditions are expected to ease rapidly, owing to the weakness in the US Dollar and falling inflation levels, as showcased by the Truflation data.
Simply put, Bittel reveals that the GMI Bitcoin Top Finder, which has accurately predicted previous cycle tops, suggests that the largest cryptocurrency will reach significantly higher levels in the coming months.
Bitcoin’s Rainbow Chart, which visualizes BTC’s long-term movement on a logarithmic scale, also indicates a likelihood of significant expansion.
Prominent analyst Daan Crypto Trades’ Bitcoin price prediction using the Rainbow Chart reveals that the largest cryptocurrency could hit $115k and $150k in the coming months.
Best Cryptos To Buy The Dip
The new upside move for Bitcoin would likely result in the highly-anticipated altseason. Experts believe ETH/BTC has bottomed out, meaning Ethereum could outperform Bitcoin in the coming months, making it one of the best cryptos to buy.
Smart money investors are also stacking crypto assets within the Ethereum ecosystem that are showing strength. For instance, Optimism ($OP) is up by nearly 12% against BTC over the past 24 hours.
Ethereum meme coins are also in demand. For instance, the Pepe price is up by nearly 6% on Wednesday.
A new meme coin, BTC Bull (BTCBULL), has also caught the attention of investors and raised nearly $3 million in its presale in short order.
Despite being an Ethereum meme coin, BTCBULL taps into Bitcoin’s long-term viability by rewarding its holders when the BTC price hits certain milestones. The perks include significant free Bitcoin airdrops, BTCBULL airdrops, and token burn events.
Additionally, early buyers are already earning staking rewards, currently at an APY of over 150%.
The promise of free Bitcoin has resulted in strong demand for the new meme coin. Smart money investors are also bullish on its upside potential, with many calling it the next 100x crypto.
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