Yigit Taha OZTURK 
Bitcoin needs a 13% increase to reclaim the $106,000 price level, which analysts say could confirm a further upside.
Pseudonymous crypto trader Pentoshi stated in a Feb. 22 X post that “a move back to $106K will likely lead to a new round of price discovery.”
Bitcoin May Retest $85K if Support Fails
However, Pentoshi warned that if Bitcoin loses its $92,000-$94,000 support range, the next critical support could be $85,000, a level it hasn’t traded at since Nov. 12. Earlier, crypto analyst AlejandroBTC had also predicted that “it kinda looks like we’re heading for $85K.”
As of this writing, Bitcoin is trading at $96,340 (CoinMarketCap data).
Could Bitcoin Continue Its Uptrend?
Despite the potential downside, Pentoshi remains bullish, arguing that Bitcoin has spent considerable time consolidating in this range:
“For now, I have to maintain a bullish bias as it hasn’t broken down and we’ve spent a lot of time in this range.”
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While some analysts believe $85,000 could be a strong local bottom, others argue that Bitcoin may drop even further before regaining momentum.
On Jan. 27, BitMEX co-founder Arthur Hayes predicted that Bitcoin could drop to $70,000-$75,000, possibly triggering a mini financial crisis.
Traders Uncertain About Bitcoin’s Next Move!
Some traders believe it’s too soon to predict Bitcoin’s next move.
Pseudonymous trader Mister Crypto told his 136,200 X followers that $90,000 would be his signal to “open up another huge trade.”
On the same day, AshCrypto predicted that Bitcoin could reach a new all-time high in March. According to CoinGlass data, March has historically delivered an average return of 13.42% since 2013.
Bitcoin’s all-time high of $109,000 was set on Jan. 20, just before Donald Trump’s presidential inauguration.
What Is Bitcoin’s Long-Term Future?
Some market commentators are focusing on Bitcoin’s long-term outlook rather than short-term trends.
ARK Invest CEO Cathie Wood has increased her odds of Bitcoin hitting $1.5 million by 2030, citing growing institutional adoption:
“We actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class.”
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