Bitcoin Targets $100K by Q3 as Bulls Eye $70K Breakout

Bitcoin continues to defy expectations by remaining above a key support zone despite a Federal Reserve-driven pullback, which pushed its price down roughly 2%. According to Matt Mena, Senior Crypto Research Strategist at 21Shares, the next major test for BTC is whether buyers can reclaim $70,000. If it does break through this resistance level with strength, Bitcoin could climb to $100,000 by the end of Q3.

Mena views the recent decline as consolidation rather than a change in direction and believes that the market remains structurally well-positioned. He highlighted that the threshold between near-term consolidation and another attempt at prior highs is $70,000. If Bitcoin can clear this level, it will set up the asset to retest $75,000 and target $80,000 again.

The Federal Reserve's updated projections point to a possible rate hike later this year, which added pressure on risk assets. Mena also mentioned that Bank of Japan's rate increase to 1%, its highest level since 1995, is another source of pressure. However, he noted that Kevin Warsh, the current Fed Chair, has a more constructive posture toward Bitcoin than his predecessors and publicly stated he is a fan of the asset.