The Future Trajectory of Bitcoin: Analyst Predictions

The Future Trajectory of Bitcoin: Analyst Predictions

One major crypto analyst, CrediBULL Crypto, has made some bold predictions regarding the future trajectory of Bitcoin. He believes that Bitcoin will soon rise to a six-digit all-time high (ATH) of $100,000 in its next leg up. CrediBULL Crypto suggests that this upward trend will begin within the next seven to ten days, claiming that BTC will experience a significant surge when that time comes. Despite a recent 20% price drop, he remains confident that Bitcoin’s downside is now limited to $60,000, with a realistic floor of $62,000 to $63,000. The analyst expects a Bitcoin pump to commence in the next week, driving the price to $100,000.

CrediBULL Crypto’s Optimism

In a separate post, CrediBULL Crypto expressed optimism for Bitcoin, indicating that things were looking good for the flagship crypto. He suggested that once Bitcoin surpasses the current asks above its price level, bears will be shaken out of their positions. Additionally, he noted that Bitcoin’s open interest is decreasing as short positions begin to cover, and the spot premium is returning for the first time since May 20th. Previously, CrediBULL Crypto had predicted a price decline to $66,000 as part of a larger picture, anticipating a rally above $71,000 post-correction. With the drop to $66,000 now realized, he believes that it is time for the upward trend to take place.

Egrag Crypto’s Forecast

Another crypto analyst, Egrag Crypto, has a more bullish price prediction for Bitcoin, setting the next target at $173,000. He highlights that Bitcoin’s current price action is resembling that of the 2017 market cycle, consolidating around Fib 1.0, similar to its behavior back then. Egrag points out that in 2017, Bitcoin had four monthly candles followed by an explosive fifth one, leading to a significant price surge. He believes the same pattern is unfolding once again, with Bitcoin already showing four monthly candles while consolidating around its previous ATH.

Both CrediBULL Crypto and Egrag Crypto are optimistic about Bitcoin’s future trajectory, with predictions ranging from $100,000 to $173,000. While CrediBULL Crypto anticipates a rapid surge in the coming days, Egrag Crypto draws parallels between the current market cycle and the 2017 pattern, foreseeing a substantial price increase. As the crypto market continues to evolve, only time will tell which analyst’s prediction will prove to be accurate.

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