Bitcoin (BTC) Price Prediction: Will the Bulls Regroup and Push BTC to New All-Time Highs?

Cryptocurrency markets are trading lower on Wednesday despite the Federal Reserve announcing a 0.25% rate cut in its latest FOMC meet.

Cryptocurrency markets showed a bearish trend on Wednesday, despite the Federal Reserve announcing a 0.25% rate cut in its latest FOMC meet. Bitcoin prices dropped after the announcement, leading to a notable decrease in the markets.

However, crypto trader Jelle pointed out that Bitcoin is still holding key support levels. According to Jelle, Bitcoin is expected to continue its price discovery after the dust settles following the rate cut.

Trader Scient highlighted Bitcoin’s rejection at the channel top near $108,000, which was an expected move. Despite the bearish trend, Scient remained optimistic about the bullish trend within the uptrend channel, adding, “These tend to break to the upside.”

Scient suggests bidding around the $99,000-$100,000 range if a further breakdown occurs. For a breakout, he is targeting $118,000 and $130,000 as potential local tops by January 2025.

Crypto chart analyst Ali Martinez outlined three correction phases leading to a potential bull market peak at $220,000, drawing parallels to Bitcoin’s patterns from 2017 and 2020. According to Martinez's analysis:

If #Bitcoin $BTC behaves like in 2017 and 2020, then there will be a brief correction after reaching $110,000, a steep correction after hitting $125,000, a big correction at $150,000, and the end of the bull market at $220,000!

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In another tweet, Martinez identified $105,400 as a critical level for invalidating the bearish outlook, noting that Bitcoin has already "broken out of a head-and-shoulders pattern, projecting a target of $99,000."