U.Today – (BTC) has reclaimed a crucial price level earlier today, and it looks like further highs will be seen in the coming days. At the time of writing, BTC is trading at $61,386, after a 4.29% jump over the past 24 hours. Notably, it was trading around $58,000 almost 12 hours ago.
Consequently, this surge to $61,386 is considered a bullish move for Bitcoin, and it may be the start of a major price rally. Analysts are also giving bullish predictions about the Bitcoin price after seeing this major rally. For instance, prominent cryptocurrency analyst Jelle has predicted that BTC may hit $140,000 by the end of this year.
Important Bitcoin Price Prediction
In a tweet posted today, the analyst mentioned that Bitcoin is still trading within this important descending and broadening wedge. This level is situated just above the key $60,000 price level. However, he explained that the final third of the year is fast approaching and traders won’t have to wait too long for Bitcoin to start moving higher.
Jelle concluded his tweet by predicting that the ultimate target of this BTC cycle is still near the $140,000 level. According to estimates, the BTC price will have to increase by almost 128% to reach this target from current levels. While this may seem like a significant target to reach, BTC has already increased by 109.2% over the past year.
Therefore, this 128% can also be achieved by the market-leading cryptocurrency. However, it may take some additional time to achieve it. While this target may not be reached by the end of this year, it can still happen sometime in 2025. Moreover, if the broader financial scenario improves in the near future, then Jelle’s prediction may prove to be correct.
The market impact of recent events such as the launch of Bitcoin spot ETFs and the Bitcoin halving event has also not materialized yet. Many have predicted that the bullish impact will manifest itself in the long term. Consequently, it can be assumed that Bitcoin may reach a new all-time high (ATH) in the near future.
This article was originally published on U.Today
