Bitcoin to $275K? Analyst Points to Brewing Cup and Handle

Conversely, prominent analyst @Trader_XO stressed Bitcoin's need to maintain support at $90,000 to prevent further losses. Falling below this threshold could see BTC dip to $85,000. Conversely, maintaining above $90,000 could enable a price recovery and continuation of the uptrend.

Bitcoin rebounded swiftly from its recent dip and was trading near $100,000 at the time of writing. The leading cryptocurrency has maintained an upward trend, buoyed by US inflation data that met market expectations.

Marking a new all-time high (ATH) of $103,679, Bitcoin's price has fluctuated around the pivotal $100,000 mark, leading to over $1.5 billion in liquidations over the past week. Various factors may push Bitcoin to another ATH, such as declining BTC reserves on exchanges, which indicate growing demand.

Prominent financier Anthony Scaramucci foresees China potentially establishing its own Bitcoin reserve, should the US advance with its strategic Bitcoin reserve plans. National reserves are likely to bolster Bitcoin's supply scarcity narrative, potentially driving prices upward. Meanwhile, corporate adoption of BTC is on the rise, with Canadian video-sharing platform Rumble announcing a BTC treasury strategy. Bitcoin currently trades at $100,453, up 4.1% over the past 24 hours.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.