Bitcoin’s Downtrend Continues, But Analyst Predicts $180K Target—Is It Possible?

Samuel Edyme

4 months ago

3 mins read

Bitcoin’s Downtrend Continues, But Analyst Predicts $180K Target—Is It Possible?

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Bitcoin has continued its downward trend despite briefly surging to $94,000 last week, a move that had initially fueled investor optimism. Since hitting that level, the cryptocurrency has steadily declined, now trading below $80,000 as of today.

While the short-term price action suggests a bearish outlook, some analysts remain confident about Bitcoin’s potential for long-term growth.

Bitcoin’s Price Outlook: $180K Within Reach?

One of CryptoQuant’s contributors to the QuickTake platform, ibrahimcosar, recently shared his perspective on Bitcoin’s price trajectory, offering a bold prediction for its next all-time high (ATH).

In his latest analysis, the analyst reiterated his long-term expectation that Bitcoin could reach $180,000 by 2026, citing historical price cycles and institutional projections that align with his forecast.

According to Ibrahim, Bitcoin’s price movements over the past year have followed a familiar pattern seen in previous bull cycles. The analyst pointed out that major financial institutions have recently begun making similar long-term projections, validating his earlier forecasts.

While Bitcoin currently trades below $80,000, he believes that the asset has the potential to more than double in value within the next two years.

If Bitcoin follows historical patterns, the $150K–$200K range could be achieved in the upcoming bull cycle. The analyst emphasized that investors who enter the market at current levels could see over 100% returns, provided Bitcoin reaches its predicted target by 2026.

However, he also noted that timing the market correctly is crucial, as buying at key support levels has historically presented the most favorable opportunities for long-term gains. Ibrahim wrote:

In summary, those investing in Bitcoin at these levels have the potential to gain over 100% in dollar terms without even waiting a year. Buying in the right regions and at the right times can present significant opportunities.

Short-Term Market Trends and Buying Opportunities

While long-term projections remain bullish, Bitcoin’s short-term price action continues to fluctuate. Another CryptoQuant analyst, BilalHuseynov, provided insights into open interest (OI) trends, which may indicate whether this is a favorable time to buy Bitcoin.

According to BilalHuseynov, the 7-day change in open interest has entered a “deleveraging” phase, a signal that has historically aligned with potential buying opportunities.

The last time this occurred was in August 2024, when Bitcoin was trading between $58,000 and $60,000 before rallying to an all-time high of $106K. If historical trends repeat, the current market conditions could set the stage for a similar recovery. The CryptoQuant analyst noted:

When the OI ratio’s change for 7 days down to the section, that means we can define the time to buy. Since August 2024, we have been observing one of the deepest areas in the Crypto Market. To remember, at this time (2024 Aug), Bitcoin’s price was around 58 – 60k. After that, the price goes up to ~106k.

Bitcoin (BTC) price chart on TradingView — BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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