Bitcoin price target set at $106K for uptrend confirmation

Crypto traders suggest that Bitcoin (CRYPTO:BTC) needs to reclaim the $106,000 price level to confirm further upward movement.  

According to pseudonymous crypto trader Pentoshi, achieving this level could lead to a "new round of price discovery," as stated in a February 22 post on X.  

However, Pentoshi also noted that a break below the $92,000-$94,000 support range could lead to a retest of the $85,000 level, a price point not seen since November 12.  

Despite potential downside risks, Pentoshi maintains a bullish outlook, citing the cryptocurrency's resilience within its current range.  

Other analysts suggest that $85,000 might be an optimistic bottom, with the possibility of prices falling further.  

BitMEX (CRYPTO:BMEX) co-founder Arthur Hayes had previously predicted a potential pullback to the $70,000 to $75,000 range in January.  

Mister Crypto, another pseudonymous trader, indicated an intent to "open up another huge trade again" should Bitcoin reach $90,000.  

Trader Donny noted the promising construction of Bitcoin's chart but cautioned that the coming weeks would be crucial.  

AshCrypto suggested Bitcoin is likely to reach a new all-time high by March, a month historically favorable for Bitcoin.  

Bitcoin's all-time high of $109,000 was recorded on January 20.  

Changelly's analysis forecasts a potential rise to $103,851.31 by February 23, 2025, and $105,357.48 by February 24, 2025.  

The average trading price for February 2025 is expected to be around $130,902.79.  

ARK Invest CEO Cathie Wood has increased her estimate of Bitcoin hitting $1.5 million by 2030, pointing to the "institutionalisation of this new asset class."

At the time of reporting, the Bitcoin (BTC) price was $95,513.73.