Bitcoin price continued its recent consolidation as traders waited for key events this year. BTC has been stuck at the key $90,000 support level over the past few days. This price is ~13% above its lowest level in November. So, how high can the coin get as Changpeng Zhao (CZ) predicts an upcoming crypto super cycle?
CZ Believes that a Crypto Super Cycle is Coming
Bitcoin will be the leading beneficiary if Changpeng Zhao’s prediction about an upcoming crypto super cycle comes true. In an X post, the billionaire predicted a bull market would come, citing ongoing accumulation by some Wall Street banks and actions by the SEC.
Macro factors support the view that Bitcoin and other cryptocurrencies may be on the cusp of a strong comeback in the near term. The upcoming US CPI data is expected to show that inflation rose to 2.5% in December from 2.6% in November.
US inflation will likely continue to fall now that crude oil prices have dropped, pushing gasoline to a multi-year low. Mortgage rates have also continued falling.
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Therefore, a combination of falling inflation and a softening labor market is an ingredient for more interest rate cuts. Besides, Donald Trump will soon replace Jerome Powell with a “puppet” who might take directions from him.
At the same time, the Supreme Court may rule that Trump’s tariffs were illegal as soon as this week. However, it is worth noting that the president has additional options to impose the same tariffs on other countries.
Another potential catalyst for the Bitcoin price is that gold has jumped to a record high. In most cases, gold starts the rally, and then Bitcoin follows.
Additionally, Bitcoin may benefit from the upcoming Senate vote on the CLARITY Bill. This vote comes at a time when more institutions are embracing cryptocurrencies. For example, Morgan Stanley recently applied for a spot Bitcoin, Solana, and Ethereum ETFs. The Crypto Fear and Greed Index has moved to the greed zone.
Bitcoin Price Technical Analysis
The eight-hour chart shows that the BTC price has been in a slow uptrend in the past few weeks. This rebound hit a wall at $94,468, its highest point in December.
Therefore, the coin has formed an ascending triangle pattern, a common continuation sign. It has also moved to the 23.6% Fibonacci Retracement level.
Bitcoin remains above the 50-period Exponential Moving Average (EMA) and the Supertrend indicator. Therefore, a move above the upper side of the triangle will point to more gains, potentially to the 61.8% Fibonacci Retracement level. Such a move will be ~20% above the current level.
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