Bitcoin has one barrier to clear before BTC price rallies to new all-time high

Analysts expect Bitcoin price action to turn bullish after multiple altcoins hit new all-time highs. Bitcoin supply on exchanges has continued dropping despite large wallet investors shedding their holdings. 

Analysts predict that BTC price will continue rally to new all-time high

With Ethereum, Solana and Shiba Inu hitting new all-time highs, analysts expect Bitcoin price to make a comeback above $64,000. Michaël van de Poppe, a cryptocurrency analyst and YouTuber, believes that Bitcoin price action will turn bullish. 

In a recent YouTube video, the analyst argues that $64,000 would propel Bitcoin price to new all-time highs against USD Tether. The analyst considers this a critical level for Bitcoin to make a comeback. 

Michaël van de Poppe states, 

We’re still chopping between $58,000 and $64,000, and that $64,000 area here is the crucial area that we should be breaking through if we want to get to a new all-time high.

Bitcoin’s recent comeback above $61,000 was key to the bullish narrative for BTC price. A year-end target of $100,000 for Bitcoin is considered a bearish or “worst-case scenario” by on-chain analysts, based on the recent price trend and the upcoming Taproot upgrade. 

Plan B, an on-chain Bitcoin analyst, recently tweeted:

The analyst argues that his proposed model for BTC price prediction works like clockwork; therefore, BTC $100,000 is likely before the end of the current bull run. 

While proponents are awaiting a drop in Bitcoin price, analyst @crypto_birb believes that the odds of catching the perfect bottom in BTC are lower than winning a lottery. 

FXStreet analysts have evaluated the BTC price trend and predicted that Bitcoin is likely to consolidate further; the asset has found strong support.