Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH
June 12 2024 - 11:30AM
NEWSBTC
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. Related
Reading: Ethereum Buying Pressure Reaches Critical Level Amid
Massive Whale Buying 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. Related Reading: Crypto Analyst Identifies 5
Altcoins To Buy That Could Be A Good Bet 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.
Featured image created with Dall.E, chart from Tradingview.com
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