Bitcoin Price Prediction as Crypto Exchange Director Says BTC Could Reach “$140,000” – Time to Buy?

Last update:

March 7, 2024, 8:48 pm EST | 3 minutes read

Bitcoin price prediction

Bitcoin price prediction is in focus as Bitget CEO Gracy Chen predicts a possible rise to $120,000 to $140,000. This bold prediction hinges on ETFs' recent net inflows, suggesting an impending rally.

With Bitcoin currently trading at around $67,000 and showing signs of resilience after a sharp decline, the stage is set for a potentially unprecedented bull market cycle.

Chen's insight offers a compelling argument for investors pondering the timeless question: Is now the time to buy?

Crypto exchange director foresees a bullish future for BTC

In a commentary shared with Cryptonews, Bitget CEO Gracy Chen predicted a bright future for Bitcoin, hinting at a possible rise to “$120,000-$140,000 in this bull market cycle.” Chen's optimism is related to the strong net inflows that the Bitcoin ETF has seen, which she believes could push Bitcoin to new all-time highs.

“This has proven the resilience of decentralized assets and the value of decentralized ecosystems,” she added.

Despite a recent decline that saw Bitcoin fall to $59,000, losing around 16.9% of its value, the cryptocurrency showed a robust recovery and climbed back to $66,000.

According to Chen, such quick pullbacks are not uncommon amid strong uptrends and typically signify a period of market decline.

The rapid recovery in Bitcoin price is evidence of investors' continued optimism and confidence in Bitcoin and signals an optimistic outlook for the cryptocurrency's future.

Bitcoin price prediction

Today, Bitcoin (BTC/USD) shows a robust performance: the price reached $67,216, up over 1.75% in the last 24 hours.

This puts Bitcoin at the top of the cryptocurrency market, with a staggering market cap of $1,320,668,386,493 and a circulating supply nearing its maximum at 19,647,850 BTC.

Technical analysis shows crucial momentum, with a current pivot point at $64,858 indicating potential volatility.

The chart analyzed over a four-hour period shows immediate resistance levels at $69,045, followed by $71,992 and $75,598, indicating the thresholds for bullish momentum.

Bitcoin price prediction

Conversely, support levels are at $62,872, further floors are at $59,380 and $56,231, which could cushion any downside.

The technical landscape is further enriched by the 50-day Exponential Moving Average (EMA) at $63,160 and the Relative Strength Index (RSI), both of which confirm bullish sentiment.

However, a break below $66,000 could turn the trend bearish.

In summary, Bitcoin's current performance remains bullish above the $66,000 threshold and is supported by key technical indicators

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Disclaimer: Crypto is a high risk asset class. This article is for informational purposes and does not constitute investment advice. You could lose all of your capital.

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