Cryptography expertpopularly known as KSI shared his thoughts on how the Bitcoin Price could progress to the peak of this bull cycle. Based on his prediction, the crypto major 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) publish that Bitcoin could rise to between $73,000 and $80,000 from here. However, a correction can occur quickly, as the crypto analyst noted that Bitcoin would fall to between $50,000 and $60,000 afterward. KSI added that it would be a “boring red summer,” suggesting that the price of BTC will not be encouraging during this period.
KSI stated that things would improve again in the winter. He also stated that Bitcoin could reach $100,000 in early 2025 or even before the end of this year. With his prediction, KSI joins a list of analysts who have predicted that Bitcoin could reached the US$ 100 thousand mark before the year ends.
Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, previously stated that BTC would rise to that price level this year. Meanwhile, Standard Chartered initially planned that Bitcoin would reach $100,000 by the end of the year before taking a more optimistic stance and predicting that the leading 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. On a recent analysis, Rekt Capital mentioned that Bitcoin would enter a “multi-month rally” following 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 this phase was over, Rekt Capital revealed that Bitcoin would leave the reaccumulation area and make a parabolic movement. This is said to occur when BTC experiences “accelerated growth in a parabolic uptrend.” This phase lasts more than a year, but Rekt Capital believes it could be cut in half this year. market cycle with a “potential accelerated cycle occurring now.”
The accelerated cycle he refers to includes BTC reaching a new all-time high (ATH) before the 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 around $67,400, up more than 4% in the last 24 hours, according to data from CoinMarketCap.
BTC bulls struggle to hold price above $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
