Bitcoin Set to Hit $110,000 in Next Major Rally

Bitcoin is anticipated to reach $110,000 in its next major rally despite ongoing concerns about a pattern of "lower highs and lower lows" on the BTC price chart.

Michael van de Poppe, founder of MN Capital, predicted this in a recent post, while other traders noted Bitcoin’s failure to hit previous highs, with each peak falling short of the last.

Veteran trader and analyst Peter Brandt pointed out that the sequence of lower highs and lower lows continues despite significant events like the halving and ETF developments. Van de Poppe linked Bitcoin’s recent price volatility to the challenges faced by miners, including rising operational costs and reduced mining rewards post-halving in April. He noted that the recent hashrate drawdown was as severe as during the FTX collapse.

Since reaching its all-time high of $73,679 on March 13, Bitcoin has breached the $71,000 mark multiple times but hasn’t reclaimed its record price. In July, Bitcoin saw nine consecutive days without breaching the $60,000 level, a streak not seen since Feb. 28.

The recent low of $54,274 on July 5 was the lowest in four months. Despite this, Brandt was optimistic about Bitcoin’s recent recovery to critical support within two weeks, reaching $65,735 on July 17.

While the timing of Bitcoin’s next major rally remains uncertain, some analysts predict it could hit $100,000 before July 2025. Pierre Rochard, vice president of research at Riot Platforms, believes this could happen within the next 12 months.