Bitcoin Set for 62% Price Surge, Analysts Suggest Amid Market Correction

Bitcoin recently dropped to below $101,000 amid market volatility linked to a feud between Trump and Musk. Despite this, analyst CrypFlow predicts a significant price surge could be forthcoming, with Bitcoin potentially reclaiming levels around $130,000 or even $170,000. Key indicators such as the golden cross and trendline breakouts signal bullish momentum, even as market sentiment remains cautiously optimistic.

Bitcoin has recently experienced a notable price drop, attributed to a public spat between US President Donald Trump and entrepreneur Elon Musk, which negatively influenced the US financial markets. Over this period, the premier cryptocurrency fell approximately 5%, dipping from $106,000 to just below $101,000. However, this short-lived volatility might be concealing some promising signs for the cryptocurrency’s future price trajectory.

Despite the recent downturn, several technical indicators are hinting at a bullish reversal. According to market expert CrypFlow, this latest dip could serve as a prelude to a significant price rally. Historically, such price pullbacks have often emerged just before major upward movements in Bitcoin prices.

On June 6, CrypFlow shared insights through an X post, stating that while Bitcoin has faced a decline since hitting an all-time high of $111,970 on May 22, the current price correction may mirror past trends. He believes Bitcoin is on the cusp of repeating its fourth-quarter price surge from the previous year. Based on his analysis, the initial surge could set the stage for Bitcoin to reach approximately $130,000, a 25% increase from current levels.

One key technical indicator CrypFlow highlights is the golden cross, which occurred earlier this month. This is when the 50-day simple moving average crosses above the 200-day moving average—a pattern commonly interpreted as a bullish signal. The last recorded golden cross was in November last year, suggesting a potential market shift.

Additionally, a significant breakout above a longstanding downward trendline which has been in place since December last year also adds to the bullish sentiment. This is similar to the price movements witnessed back in November 2024 when Bitcoin broke free from a descending resistance line established in March 2024.

As for performance indicators, Bitcoin’s ongoing correction resembles previous movements; for instance, in November, the cryptocurrency fell around 10% from $74,500 to $68,500 before rebounding sharply. If CrypFlow’s predictions hold water, Bitcoin could see a remarkable 62% surge, positioning it to reach targets up to $170,000.

At the time of writing, Bitcoin is trading at $104,850, enjoying a 2.57% increase in the last 24 hours. However, daily trading volume has seen a notable decline of nearly 20%.

Coincodex data suggests that overall sentiment for Bitcoin remains decisively positive. Despite a Fear & Greed Index reading of 45, indicating fear in the market, analysts on the prediction site believe Bitcoin could reach $134,074 in just five days and potentially hit $155,864 within three months. Market optimism is bubbling under the surface, suggesting that investors might be looking at a promising future after all.