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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin $166,000 Target Still In Play? The Extension That Determines Where Price Goes Next

Scott Matherson
Scott Matherson
3 months ago
3 mins read
Bitcoin

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Crypto analyst CryptoCon has reaffirmed that a Bitcoin price rally to the $166,000 target is still in play. The analyst further revealed what needs to happen for the flagship crypto to reach this ambitious price target.  

What Determines The Bitcoin Price Rally To $166,000

In an X post, CryptoCon stated that the Bitcoin price simply needs to mirror its last year’s move in order to reach the next rung on this hyper-accurate extension in March. His accompanying chart showed that the next rung is at the $166,000 price level. Meanwhile, Bitcoin recorded a significant price rally between January 2024 and March 2024, a historical move CryptoCon believes the flagship crypto needs to mirror to reach this target. 

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The analyst remarked that it might seem ridiculous, but he asserted that a run to this $166,000 target next month is not far-fetched. A few days ago, CryptoCoon predicted that the Bitcoin price could rally to $160,000 in the next thirty days, meaning it could hit this target by next month. These predictions undoubtedly provide some optimism, especially considering the downward pressure that the flagship crypto is currently facing.  

Bitcoin
BTC’s path to $166,000 remains intact | Source: CryptoCon on X

Meanwhile, CryptoCon also suggested that there was the possibility of the Bitcoin rally to $166,000 taking longer. However, he added that the cycle isn’t over, and this price target isn’t going anywhere, indicating that BTC will reach it in this bull market. Market experts like research firm Matrixport have also predicted that Bitcoin could rally to $160,000 this year. 

Meanwhile, asset manager Bitwise predicted that the Bitcoin price would rally to $200,000 this year. Standard Chartered also asserted that BTC reaching around $200,000 by year-end is achievable. 

State Of Things For BTC

Crypto analyst CrediBULL Crypto provided some insights into the current Bitcoin price action. In an X post, he stated that BTC is still holding the higher timeframe support zone at $94,553. As long as BTC continues to hold this support zone, he expects some further consolidation around this area. 

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Bitcoin $166,000 Target Still In Play? The Extension That Determines Where Price Goes Next

3 months ago

The crypto analyst also drew attention to a potential PO3 that was forming for the Bitcoin price at these levels. He remarked that he would like to see a move below the lows at $94,100 and then reclaim and push to local supply right above the last local highs. 

Crypto analyst Ali Martinez also confirmed that the Bitcoin price is in a consolidation phase. He revealed that BTC’s accumulation trend score is zero, which signals a period of consolidation. The crypto analyst added that a shift in demand here could set the stage for the next big move.

At the time of writing, the Bitcoin price is trading at around $95,800, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $96,152 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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