As a seasoned cryptocurrency analyst with a background in financial markets, I’ve closely followed the Bitcoin price action since its inception. Based on my analysis of the current market trends and the predictions of renowned crypto analysts like CrediBULL Crypto and Egrag Crypto, I believe that Bitcoin is indeed headed for significant gains.
Several prominent cryptocurrency analysts have expressed their views on Bitcoin‘s potential future direction, with many believing that the leading digital asset is poised for significant growth following its subdued price trend and consolidation period since the halving event. These experts anticipate that Bitcoin will eventually surge towards a new record high of six digits.
Bitcoin To Rise To $100,000
Expert’s take: CrediBull Crypto, a well-known crypto analyst, expressed optimism in a recent post (previously known as Twitter) that Bitcoin would reach $100,000 during its upcoming price surge. He anticipates this bullish trend to commence within the next 7 to 10 days, emphasizing that Bitcoin is poised for significant growth when the time is right. The analyst also conveyed his belief that the downturn in Bitcoin’s value has come to an end.
I’ve noticed how dramatically Bitcoin’s price corrected right before and after the halving event, resulting in a 20% decrease. Given this past experience, I’m skeptical that such a significant price drop will occur again from its present value.
As a confident crypto investor, I believe that CrediBULL Crypto’s analysis suggests that the lowest Bitcoin price we can expect in the near term is around $60,000. However, based on current market trends and realistic assessments, it’s unlikely that Bitcoin will drop below $62,000 or even $63,000. I’m optimistic that within the next ten days, we’ll witness a significant Bitcoin price increase, pushing it towards the $100,000 mark.
In a recent Bitcoin-related post on X, CrediBULL Crypto expressed optimism about the cryptocurrency’s current state. He predicted that the bearish investors would be forced to abandon their positions once Bitcoin surpasses the prices currentlyasked in the market. Furthermore, he observed that open interest is decreasing slightly due to short position holders beginning to cover their losses, and for the first time since May 20th, the spot price premium is re-emerging.
It’s intriguing that CrediBull foresaw a Bitcoin price decrease to $66,000 prior to this occurrence. This prediction was part of a larger market scenario, which would subsequently propel BTC‘s price above $71,000 after the correction. Now that the predicted decline to $66,000 has taken place, CrediBull advises that it’s likely for the upward trend to commence.
BitcBTCoin Still Headed For $173,000
As a crypto researcher, I’ve analyzed the market trends and based on my observations, I believe Bitcoin’s next target could be $173,000. This prediction is drawn from the similarities between Bitcoin’s current price action and its behavior during the 2017 market cycle. Specifically, Bitcoin is currently consolidating around the Fibonacci Retracement level of 1.0, much like it did before experiencing significant price increases in the past.
In his analysis from 2017, Egrag noted that Bitcoin experienced four successive large monthly price movements. Following these, there was a significantly large and rapid price increase, which he referred to as an “explosive fifth candle.” Based on current trends, Egrag now anticipates this pattern could repeat itself in July 2023. Bitcoin has already displayed four substantial monthly candles while hovering around its all-time high. Consequently, according to his observation, the dramatic price surge that follows is expected to occur next month.
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2024-06-12 18:40