Analysts predict that despite a pullback Bitcoin will still reach 100000

Authored by Mary Liu, BitpushNews
As investors continue to digest new inflation data and the Federal Reserve’s dot plot, the cryptocurrency market is showing volatile movements.
Data from Bitpush shows that Bitcoin bulls attempted to push higher in early trading but faced resistance at $68,484, with bearish momentum taking over in the afternoon session, causing BTC to briefly drop to a daily low of $66,206. At the time of writing, the trading price of Bitcoin is $66,844, down 2.5% in the past 24 hours.
Altcoins have suffered significant losses, with tokens ranked in the top 200 by market capitalization experiencing more declines than gains.
The biggest gainer from the previous day, Io.net (IO), saw the largest drop on Thursday, falling by 19.1%, followed closely by CurveDAO Token (CRV) with a 19% decrease, and Arweave (AR) dropping by 13.4%. Among the few tokens that saw gains, Aelf (ELF) led the way with a 7% increase, followed by SKALE (SKL) with a 6.5% rise, and Toncoin (TON) with a 4.1% increase.
The total cryptocurrency market capitalization currently stands at $2.42 trillion, with Bitcoin’s market dominance at 54.2%.
In the US stock market, as of the day’s close, the Dow Jones Industrial Average declined by 0.17%, the S&P 500 Index rose by 0.2%, and the Nasdaq Composite increased by 0.3%, marking four consecutive days of record highs for the latter two indices. Nvidia (NVDA.O) rose by 3.5%, Apple (AAPL.O) by 0.5%, and Tesla (TSLA.O) by 2.9%.
The Producer Price Index for May, released on Thursday, showed a 0.2% month-on-month decrease following a 0.5% increase in April, indicating a slight easing of inflation and providing more reasons for investors to expect a rate cut in September. The Fed Watch tool from the Chicago Mercantile Exchange currently shows a 68.5% probability of a rate cut, up from 65% yesterday. The market needs a new narrative to stimulate demand.
Analysts at Skew analyzed current order flow on exchanges.
For BTC spot trading, there is bidding depth between $66,000 and $65,000, but the market needs to find trading demand to support the price at $66,000. Around $70,000 and higher, there is considerable asking depth, indicating the market may require a new narrative to stimulate demand.
Looking at BTC perpetual contracts, the Perp order book is quite active, with a significant amount of buying liquidity at lower levels, a combination of actual demand and short positions seeking to close out.
Comparing BTC Binance Perp and Bybit Perp contracts, the perpetual contract market is showing a clear hedging pattern, with shorts currently favored. However, the good news is that funding rates are low and spot premiums are lasting longer, suggesting that the market is shedding excess speculation.
An analyst from Secure Digital Markets stated, “With the US stock market hitting all-time highs, it is expected that Bitcoin may soon follow suit. However, we should be prepared for short-term resistance around $70,000, with greater resistance at $72,000.” A $100,000 Bitcoin is just a matter of time.
Although Bitcoin’s price has been consolidating since late February, many analysts believe that a resumption of the upward trend is only a matter of time, with most predicting that Bitcoin will eventually surpass $100,000 at some point in this bull market cycle.
Analyst and mathematician Fred Krüeger stated on his podcast, “In theory, by the end of this year, the price of Bitcoin should be close to $100,000, possibly reaching $90,000. However, Bitcoin’s price could exceed these levels by two standard deviations, pushing our price for this year to around $200,000 or even $400,000.”
He added, “If we look another year ahead, by 2025, we could be looking at a trend line of $140,000, with potential to reach $600,000 if we exceed this figure by one or two standard deviations, which would be a significant move.”
Krüeger expressed his belief that “in this cycle, it is indeed possible to see highs around $500,000 to $600,000.”
Market analyst CryptoCon is slightly less bullish on the peak of the market cycle, giving a “Tier 3” target price of $91,539 and a cycle peak target of $123,832, noting that the cycle peak target is on the rise.
Analyst Rekt Capital explained on the X platform why sideways price action is actually a good thing.
He wrote on Twitter, “Bitcoin’s struggle to break out is favorable for the entire cycle. Bitcoin has never broken out this early after a halving. If a breakout does occur, the cycle will accelerate to a bull market that is shorter than usual.”
Rekt Capital stated, “This continued consolidation allows the price to realign with historical halving cycles, allowing for a normal bull market. Bitcoin has been consolidating within this reaccumulation range for three months. History suggests this situation could continue for another three months. Therefore, it would not be surprising if the price retreats from the high end of the range.”