Cryptography expert ppopularly known as KSI has shared his thoughts on how the bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>bitcoin price could progress to the peak of this bullish cycle. According to his prediction, the flagship cryptocurrency could experience significant drops on the way to a new all-time high of $100,000.
$80,000 Could Be Next for bitcoin
KSI mentioned in an X (formerly Twitter) mail that bitcoin could rise to between $73,000 and $80,000 from here. However, a correction could follow quickly, as the crypto analyst commented that bitcoin would fall to between $50,000 and $60,000 later. KSI added that it would be a “boring red summer,” suggesting that the btc price will not be encouraging during that period.
KSI stated that in winter things would improve again. He also stated that bitcoin could reach $100,000 by early 2025 or even before the end of this year. With his prediction, KSI joins a list of analysts who have predicted that bitcoin could bitcoin-analyst-sees-100k-before-halving/” rel=”nofollow”>reach the $100,000 mark before the year is over.
Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, previously indicated that btc would rise to that price level this year. Meanwhile, Standard Chartered initially predicted that bitcoin would reach $100,000 by the end of the year before taking a more bullish stance and predicting that the flagship cryptocurrency would reach $150,000 by the end of 2024.
What to expect from btc price
KSI's prediction also echoes the sentiments of crypto analyst Rekt Capital. in a recent analysis, Rekt Capital mentioned that bitcoin would enter a “multi-month reaccumulation” after the bitcoin halving, which could last up to five months. The crypto analyst noted that this period is generally characterized by tepid bitcoin price movement.
Once that phase was over, Rekt Capital revealed that bitcoin would break out of the reaccumulation area and make a parabolic move. This is said to be when btc experiences “accelerated growth towards a parabolic uptrend.” This phase lasts more than a year, but Rekt Capital believes it could be halved in this bitcoin-bull-market-glassnode/” rel=”nofollow”>market cycle with a “potential accelerated cycle that is happening right now.”
The accelerated cycle you are referring to includes the fact that btc reached a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) before bitcoin-halving-could-bring-uncertainty-to-mining-industry/#:~:text=The%20halving%2C%20which%20occurs%20approximately,reward%20for%20each%20validated%20block.” rel=”nofollow”>bitcoin Halving. This has never happened in previous market cycles, raising the possibility that this bull market will be very different from previous ones.
At the time of writing, bitcoin is trading at around $67,400, up more than 4% in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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btc bulls struggle to hold price above $67,000 | Source: BTCUSD on Tradingview.com
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