Bitcoin Eyes Higher Levels as $115K Dip Attracts Liquidity
Bitcoin (BTC) staged a sharp recovery from recent range lows, focusing on upward targets despite Friday’s low near $115,000.
Daily gains exceeding 2% saw BTC/USD reach $118,330 on Bitstamp, compared to the lower weekly low encountered the previous day. Traders are preparing for another attempt at new all-time highs.
“Bitcoin closed above the bullish key levels and filled the CME gap at $115K,” noted popular crypto analyst Ash Crypto.
Bitcoin’s drop to $115,000 triggered significant liquidation of leveraged positions. Concurrently, “institutions bought the dip,” adding market depth, according to analyst comments.
Following Cointelegraph’s expectation for price action focused on key levels around $114,000 and $118,500, liquidation monitoring data from CoinGlass indicates the latest price movement above $118,000 occurred, positioning the market ahead of the $120,500 target zone.
Traders point to $120,000 as a critical congestion zone. A successful break higher could provoke a market squeeze on short sellers, potentially lifting prices toward the denser $124,000 area.
Several analysts have forecast a significantly higher price target. Fundstrat’s Tom Lee reiterated his $250,000 prediction for the end of 2025.
Speaking on CNBC, Lee justified this by comparing Bitcoin’s current market valuation (around $1.1 trillion) to the gold market’s total value. He argued Bitcoin, as “digital gold,” could be undervalued and might eventually be worth over $1 million per BTC. “Digital gold means Bitcoin should be worth over a million dollars per Bitcoin. That could happen in the next few years,” Lee stated.
Lee sees immediate targets between $200,000 and $250,000. Other analysts echo this sentiment, predicting end-of-year peaks between $200,000 and $230,000, citing potential factors such as proposed US tax cuts and increased national debt. Crypto analyst Stockmoney Lizards identified a technical breakout as the catalyst for a potential $200,000 peak.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
