CryptoQuant says bitcoin could reach $112,000 if Fed turns dovish and key resistance levels break

Onchain analytics firm CryptoQuant believes Bitcoin's recent rally could accelerate, potentially pushing the price toward $112,000 within one to three months, contingent on the Federal Reserve adopting a dovish stance following its policy meeting. For this to happen, Bitcoin must first overcome two critical resistance levels: $99,000 and $102,000. A positive Fed announcement would involve not just a rate cut, but also clear signals about future cuts and inflation projections. The firm noted that if selling pressure remains low after clearing $99,000 (the lower band of Trader On-chain Realized Price bands), the price could test $102,000 (the one-year moving average) before potentially reaching $112,000. This potential upward movement is supported by easing selling pressure, evidenced by declining BTC deposits into exchanges and reduced activity from large holders who recently realized significant losses.

(Source：The Block)