Bitcoin (BTC) Price Prediction: Negentropic and Michael Van de Poppe See $110K as the Next Target

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin's rally to a new all-time high on Monday.

Bitcoin price rallied to a new all-time high on Monday, sparking excitement and optimism within the cryptocurrency community. Despite the impressive price growth, speculations abound that the uptrend may continue, suggesting potential for BTC to scale higher levels or milestones.

Next Big Milestone For Bitcoin On The Horizon?

Bitcoin’s surge to a new peak has ignited bullish predictions about its short-term and long-term prospects. Negentropic, a veteran market expert and Glassnode co-founder, is among the analysts projecting a bullish outlook for BTC, predicting an upswing to new highs in the immediate future.

Negentropic’s analysis suggests a continuation of BTC’s upward trajectory, highlighting the crypto asset’s resilience and strengthening price performances. As market momentum builds and BTC breaks past key resistance levels, such forecasts could have investors eyeing the next leg of Bitcoin’s rally.

After examining BTC’s current price action, the analyst noted that Bitcoin closed above the $100,000 mark for the second consecutive week. The flagship asset also breached the $102,000 resistance, which now acts as support, and surged past the $104,000 level.

With this price action, the market expert sees the next price target for BTC in the short term at around $108,000 to $110,000. However, he pointed out that a retest of the $102,000 mark this week would present a golden opportunity to buy BTC before the next leg up.

This move is seen by the analyst as a strong recovery, potentially setting Bitcoin on a path to levels above the $110,000 milestone in the coming weeks. Hence, traders are observing BTC’s next move as the digital asset navigates this crucial phase.

In line with Bitcoin’s continuing upward strength, Michael Van De Poppe, the founder of Eight Global, has also predicted a $110,000 target for BTC. He made the forecast after the crypto asset surged to a new all-time high, boosting investor sentiment.

While Van De Poppe expects BTC to rally, he cautioned that the leveraged long positions are again relatively high. So, if BTC loses the $102,000 level, there could be another quick liquidity meltdown. But, if the asset holds above this point, he anticipates a move up to $110,000.

BTC Whales Are Holding Strong To Their Positions

Despite the recent leg-up, Bitcoin’s Realized Profit Ratio, a key metric for gauging whale exits and profit-taking, remains at lower levels. Notably, the metric at lower points suggests reduced profit-taking activity by large investors.

According to CryptoQuant, whales have not yet started selling and taking profits compared to the all-time high in previous cycles. Judging by the whales’ behavior, it could indicate that BTC is still below the peak range for this cycle.