Bitcoin (BTC) price is up 2.3% on Jan. 8, establishing a new three-week high of around $102,760.
Data from Cointelegraph Markets Pro and Coinbase shows that the BTC price rose from a low of $91,315 on Dec. 30, rising as much as 11.8% to trade at $101,942 at the time of publication.
BTC/USD daily chart. Source: Cointelegraph/TradingView
This performance has seen BTC trade above $100,000 for the first time since Dec. 19, 2024, leaving market participants wondering how high Bitcoin’s price may go in the next few weeks or months.
Analysts set ambitious targets for Bitcoin price
Bitcoin’s latest recovery has led market analysts and traders to set varied BTC price targets based on various analyses and sentiments.
Bitcoin’s current bull cycle may continue toward $120,000, according to analyst WealthSquad Chris.
In a technical setup shared on his X handle, the analyst showed Bitcoin breaking out of consolidation toward the $100,000 mark.
If this barrier is broken, WealthSquad Chris projects $120,000 as the next likely upside target.
BTC/USD daily price chart. Source: WealthSquad Chris
Multiple analysts have also projected higher year-end targets for Bitcoin, including crypto investor Mike Alfred, who says BTC price could potentially rise to $200,000, with further targets at $315,000, $500,000, and even $700,000 in this cycle.
“There is zero downside impulse in Bitcoin left,” Alfred said in a post on X, adding BTC could see a retracement to $95,000 or $96,000 before heading higher.
Daily Fibonaccis put BTC price at $450,000
Based on its historical performance and Fibonacci extensions, Bitcoin could also be on track to reach between $172,00–$450,000, according to crypto commentator MartyParty.
Based on its performance since the $5,000 level in mid-2019, the Bitcoin price has successfully surpassed all the extension levels, as shown in the chart below.
The price has now to overcome the 1.0 Fibonacci extension level at $107,500, which is the next target, before advancing toward higher extensions, such as 2.618 and beyond.
BTC/USD daily chart. Source: MartyParty
The chart suggests that the highest milestone could be the 4.236 level, which is near $450,000, according to MartyParty.
Related: Bitcoin ETFs scooped up almost 3X more BTC than produced in December
Bitcoin bull flag places upside target above $175,000
From a technical perspective, the Bitcoin price action has led to the formation of a bull flag pattern in the weekly timeframe, a bullish setup that forms after the price consolidates inside a down-sloping range following a sharp price rise.
BTC/USD weekly chart. Source: Cointelegraph/TradingView
Bull flags typically resolve after the price breaks above the upper trendline and rises by as much as the previous uptrend’s height. This puts the upper target for Bitcoin price at $175,700 — up 73% from the current price.
Additionally, Bitcoin’s daily relative strength index is positive at 69. This suggests that the market conditions still favored the upside, boosting BTC’s chances of reaching its bull flag target.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
