Bitcoin could hit $123,000 by June

A crypto analyst predicts Bitcoin (CRYPTO:BTC) could reach $123,000 by June, citing easing financial conditions and a weakening US dollar as key drivers.  

Jamie Coutts, chief crypto analyst at Real Vision, stated that the market may be underestimating how quickly Bitcoin could surge to new all-time highs.  

“The market may be underestimating how quickly Bitcoin could surge – potentially hitting new all-time highs before Q2 is out,” Coutts told Cointelegraph.  

He based his forecast on recent macroeconomic developments, including a significant decline in the US dollar and increased liquidity from the People’s Bank of China.  

“Financial conditions have eased dramatically this month, highlighted by the US dollar’s third-largest three-day decline since 2015 and significant drops in rates and Treasury bond volatility,” Coutts explained.  

Bitcoin recently dipped below $100,000 on February 2, with analysts attributing the downturn to uncertainty surrounding US tariffs and interest rates.  

At the time of publication, Bitcoin was trading at $85,880, marking a 3.16% decline over the past month, according to CoinMarketCap data.  

Coutts referenced a March 7 post on X, where he analysed the US Dollar Index (DXY) and its historical performance.  

He noted that based on this analysis, Bitcoin’s 90-day forecast ranges from a worst-case scenario of $102,000 to a best-case scenario of $123,000 by June 1.  

The upper target would represent a 13% increase over Bitcoin’s current all-time high of $109,000, reached on January 20.  

BlackRock’s head of digital assets, Robbie Mitchnick, also suggested that Bitcoin could thrive in a recessionary environment.  

“I don’t know if we’ll have a recession or not, but a recession would be a big catalyst for Bitcoin,” Mitchnick said in a March 19 interview.  

However, CryptoQuant’s Bull Score Index indicates that Bitcoin is currently experiencing its least bullish conditions since January 2023.  

The index, which measures market sentiment, is at 20, signaling weak market conditions and low chances of a strong rally in the near term.  

Historically, prolonged periods with the index below 40 have been associated with bearish market phases.  

At the time of reporting, the Bitcoin price was $85,810.85.