Bitcoin is predicted to grow to $ 180,000 this year

Cryptocurrency analyst TedPillows said that the value of the flagship cryptocurrency market could potentially reach a peak of $ 180,000 during this cycle. The expert believes that bitcoin is currently demonstrating «incredible strength» despite various problems in the market.

Creditors of Mt. Gox creditors have recently begun to receive their payments en masse on Kraken and other exchanges, which has caused new selling pressure. US tech stocks, which are highly correlated with the BTC, suffered their worst drop since 2022 this week.

Despite these bearish factors, bitcoin experienced only a slight drop in price. The TedPillows analyst noted that BTC is currently consolidating below its current price peak, which was reached in March after the successful launch of various spot ETFs in January.

According to the crypto expert, the Federal Reserve’s interest rate cuts at the end of this year will be the main bullish catalyst for bitcoin. The markets are betting that there is almost a 100% chance that the Fed will finally begin its long-awaited rate cuts in September.

Fundstrat’s Tom Lee has repeatedly cited the same price target of $ 180,000, predicting that lower inflation will be one of the key bullish factors. Cryptocurrency billionaire Mike Novogratz has also repeatedly predicted that the price of bitcoin could reach six figures this year.