12 June 2024
Major crypto analysts have weighed in on the Bitcoin future trajectory, especially as the flagship crypto has maintained a tepid price action and has continued to consolidate since the halving took place. These analysts predict that Bitcoin will soon rise and climb to a six-digit all-time high (ATH).
Bitcoin To Rise To $100,000
Crypto analyst CrediBULL Crypto predicted in an X (formerly Twitter) post that Bitcoin would rise to $100,000 on its next leg up. He claimed that this upward trend would begin in the next seven to ten days, stating that BTC will “absolutely giga send” when that time comes. The analyst made these remarks while suggesting that the worst was over for Bitcoin.
He alluded to the “brutal” price correction that Bitcoin underwent shortly before and after the halving, with the flagship crypto experiencing a 20% price drop. As such, he believes that BTC is unlikely to decline that much again from its current price level.
Instead, CrediBULL Crypto claimed that the downside is now limited to $60,000 and that, realistically, Bitcoin can’t drop below $62,000 and $63,000. Whatever happens, he expects the Bitcoin pump to begin in the next ten days, which would send it to $100,000.
In another X post, CrediBULL Crypto stated that things were looking good for Bitcoin. He suggested that the bears would get shaken out of their positions once Bitcoin clears the asks that are above its current price level. He also noted that Bitcoin’s open interest is dropping a bit because the short positions are already starting to cover, and the spot premium is returning for the first time since May 20th.
Interestingly, CrediBULL had earlier predicted that Bitcoin would experience a price decline to $66,000. He had made this prediction as part of a bigger picture, which would send BTC’s price rallying above $71,000 following the price correction. Seeing as the drop to $66,000 has occurred, CrediBULL suggested that it was time for the upward trend to begin.
BitcBTCoin Still Headed For $173,000
Crypto analyst Egrag Crypto has given a more bullish price for prediction, stating that the next target for the flagship crypto is $173,000. He made this assertion while noting that Bitcoin’s current price action is currently mirroring its price action in the 2017 market cycle, consolidating around Fib 1.0 just like it did back then.
He highlighted that Bitcoin had four monthly candles followed by an “explosive fifth one” back in 2017. According to Egrag, the same thing is happening again, with Bitcoin already showing four monthly candles while consolidating around its previous ATH. As such, he believes the explosive fifth candle will come in July, just like in 2017.