Crypto expert popular known as KSI has shared his thoughts on how the Bitcoin price could continue until the peak of this bull cycle. Based on his prediction, the flagship could experience crypto significant declines on the way to one new all-time record of $100,000.
$80,000 could be next for Bitcoin
KSI mentioned in an X (formerly Twitter) after that Bitcoin could rise to between $73,000 and $80,000 from here. However, a correction could follow soon, as the crypto analyst noted that Bitcoin would fall to between $50,000 and $60,000 next. KSI added that it would be a “boring red summer,” suggesting that the price of BTC will not be encouraging during that period.
KSI claimed that the situation would improve again in the winter. 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 reached the $100,000 mark before the year is out.
Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, Previously mentioned 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 the flagship crypto would reach $150,000 by the end of 2024.
What to expect from the price of BTC
KSI’s prediction also reflects the sentiments of crypto analyst Rekt Capital. In a recent analysisRekt Capital said that after the Bitcoin Halving, Bitcoin would enter a “multi-month reaccumulation” that could last up to five months. The crypto analyst noted that this period is typically characterized by Bitcoin’s tepid price movement.
Once that phase was over, Rekt Capital revealed that Bitcoin would break out of the reaccumulation zone and make a parabolic move. This is said to be the case when BTC experiences “accelerated growth towards a parabolic uptrend.” This phase lasts more than a year, but Rekt Capital believes it can be halved in it market cycle with a “potentially accelerated cycle currently occurring.”
The accelerated cycle he’s referring to includes the fact that BTC has a new all-time record (ATH) for the Bitcoin halving. That has never happened in previous market cycles, raising the possibility that this bull market is largely different from those of the past.
At the time of writing, Bitcoin is trading around $67,400, up more than 4% in the past 24 hours. facts 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
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