Analysts: Bitcoin to $110K Still on Track, But Could See Dip Below $40K First

Analysts: Bitcoin to $110K Still on Track, But Could See Dip Below $40K First
Analysts: Bitcoin to $110K Still on Track, But Could See Dip Below $40K First

Bitcoin (BTC) 's price is on a trajectory to hit $110,000 by 2025 based on technical patterns, according to crypto analysts. However, some caution that a significant drop, potentially below $40,000, might occur first.

The bullish outlook is largely driven by a well-known chart pattern called the "Cup and Handle," which signals the continuation of an upward trend. The Cup and Handle formation is a widely recognized pattern in technical analysis, often used to identify opportunities for long positions. Crypto analyst Titan of Crypto suggests that Bitcoin’s price could be gearing up for a significant breakout, with the potential to reach $110,000 by the first quarter of 2025.

Analyst, Elja Boom, pointed to a different bullish pattern: the giant inverse head and shoulders. He suggested that once this pattern fully develops, Bitcoin could surge past $100,000. "BTC giant inverse head and shoulder pattern. When this breaks out, Bitcoin will shoot above $100K. My timeline is ATH in Q4 and $100K in Q1 2025," Boom predicted.

Despite these optimistic forecasts, not all analysts agree that Bitcoin's path to $110,000 will be smooth. Some foresee a sharp correction before reaching new highs. Bitcoin analyst Magoo PhD warned of a potential drop below $40,000 before any significant upward movement. Magoo shared a chart illustrating this possible scenario, suggesting that Bitcoin might face a tough correction before the anticipated breakout.

Adding to the analysis, data from CoinGlass indicates that Bitcoin has significant support at the $57,000 level. A move below this threshold could trigger liquidations of over $860 million in cumulative leveraged short positions, which could exacerbate any downward movement.