Bitcoin is trading at $96,350, with analysts anticipating a potential rise to $106,000. However, there are also risks of a decline to $85,000 if current levels are breached.
Analysts Predict Further Bitcoin Growth
Pseudonymous crypto trader Pentoshi believes that a return to the $106,000 range could open new avenues for price discovery. "Back to the range highs of 106k likely leads to a new round of price discovery," Pentoshi stated in a February 22 post.
Risks of a Drop to $85,000
If Bitcoin breaks below the $92,000-$94,000 support range, the next key support could be around $85,000. Some analysts, including AlejandroBTC, believe the price could be headed towards this level.
Optimism and Long-term Prospects
Despite short-term fluctuations, some traders believe Bitcoin will reach new all-time highs. Trader AshCrypto forecasts a new record high in March, a month with historically positive performance.
While short-term forecasts point to possible declines, many experts are confident in Bitcoin's long-term growth, with some suggesting it could reach $1.5 million by 2030.
