Is Bitcoin Likely to Target $75,000? Analysts Believe It Might

After the nearly 7% surge staged by Bitcoin over the past day, analysts began to predict BTC reaching the $75,000 territory in the near future. Among them are Michael van de Poppe and Ted Pillows.

Bitcoin is currently trading at $68,200 after jumping to touch $70,000 briefly earlier today.

Bitcoin is likely to head for $75,000, analysts predict

Analysts, along with the rest of crypto users, have been closely following the recent Bitcoin price action as the world’s leading cryptocurrency jumped by almost 7% overnight — from $65,000 to the $70,000 territory.

Amsterdam-based trader and analyst Michael van de Poppe happily tweeted that Bitcoin began grinding backwards: “Strong move and it’s back into a lower timeframe uptrend.” According to his marks on the four-hour Bitcoin chart, this price surge could happen as early as the beginning of March.

The price skyrocketed on the news that the Jane Street fund may have been suppressing the Bitcoin price — Terraform Labs took the aforementioned fund to court, filing a lawsuit against it.

The second prominent investor and analyst who expressed a similar take on the X platform was Ted Pillows. He also shared his joy about Bitcoin rebounding to $67,000. Pillows believes that if BTC manages to hold within the $67,000 and $67,500, it “could rally towards the $72,000-$74,000 level.”

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$8.8 billion BTC and ETH options to expire on Deribit

Major crypto exchange Deribit has published an options expiry alert, warning the community that on Friday, at 8:00 a.m. UTC, more than $8.8 billion in crypto options, Bitcoin and Ethereum, are to expire on this platform.

The majority of these options are on Bitcoin ($7.8 billion). The rest is for Ethereum: roughly $961 million. The put/call ratio here is 0.76, which means that the majority of traders are betting on Bitcoin going up — more calls than puts.

Curiously, the maximum pain point (the level where all bets are off) is $75,000 for Bitcoin, the level forecast by analysts above. However, it is a big question if BTC is able to reach $75,000 by Friday morning since this would be quite a substantial surge of 10.3%.