Areeba Rashid

Bitcoin’s Market Shakeup: What’s Behind the Bold $170K Prediction?

Altcoins, Bitcoin News, Bitcoin Price Analysis, BTC price prediction, Crypto News, Ethereum

Bitcoin
  • Bitcoin faces a liquidity crisis, briefly dropping below $99K and rebounding to $95K, reflecting typical market “liquidity grabs.”
  • Market trends suggest Bitcoin may target $99,600 next, with technical patterns pointing toward potential growth up to $170K.
  • Ethereum and altcoins are rebounding as the crypto market cap reaches new highs, fueling optimism among investors.

Bitcoin has recently been in the spotlight due to a liquidity position, which led to discussions throughout the market. The cryptocurrency fell to below $99,000 briefly and then rose to trade at $95,000, which is a common technique used in the market to force out weak investors.This shows that it is in line with Bitcoin trends that are referred to as “liquidity grabs.” 

Source: CryptoRover

Bitcoin’s Historical Trends

In a recent YouTube video Rover highlighted that these events happen when the price briefly dips below a particular level of support and causes liquidations and then sets the stage for the next push higher. At the moment, the market data shows that the next wave of liquidations is close to $99,600, which means that Bitcoin may try to reach this level before continuing the growth.  

Looking at the market of previous years we can see that the current situation may be very similar in many aspects. The years 2017 and 2021 started with price drops in the first week and then with strong recoveries in the last week of January. At the time of writing this article in mid-January 2025, Bitcoin is again on a similar trajectory, with analysts expecting another big breakout in the next few weeks.  

The technical analysis also points to the possibility of increase in prices for Bitcoin. Daily chart indicators like symmetrical triangles and weekly chart indicators like bull flags indicate that the crypto currency is gathering steam. If these patterns continue to persist, the subsequent major level could be around $170,000 is keeping with the long term modeling.  

Ethereum and Altcoin Rebound

However, Ethereum and other altcoins are also trying to rebound at the moment as the downtrend is not that severe. Ethereum has recently bounced of a significant support level same as Bitcoin. Experts think that the altcoin market which is yet to fully benefit from the recent bullish trend may post huge gains soon.  

The current action of Bitcoin as it consolidates is coherent with what has happened before major upswings in previous cycles. This consolidation could be followed by another upward movement according to the Rover given that the market is near some strong resistance levels.  

Source: CryptoRover

Investors and traders are keeping an eye on the cryptocurrency to see where it is going next. With the market developing further, the accent is still on the possibility of the further growth of Bitcoin in the nearest weeks.

Areeba Rashid

Areeba Rashid