A prominent cryptocurrency analyst has recently shared an ambitious price prediction for the flagship cryptocurrency Bitcoin ($BTC), suggesting the cryptocurrency could see a surge of over 130% to the $70,000 mark by the end of the year.
In a post shared with their over 340,000 followers on the microblogging platform X (formerly known as Twitter), pseudonymous analyst CredibleCrypto made it clear he sees Bitcoin break through the $70,000 mark this year.
The analyst highlighted, however, that the cryptocurrency could see significant fluctuations before his bullish price prediction materializes. After noting the steadfastness of Bitcoin around the $29,000 mark, he noted that this level may have been BTC’s bottom, and added “that being said this move up so far still looks corrective and we have a sharp rejection on lower timeframes so do not be surprised if we chop around for a bit longer before the mega move up starts.”
CredibleCrypto added that investors shouldn’t “lose sight of the big picture” and avoid becoming bearish on the cryptocurrency if it moves down. Per his words, “anything above” the $25,000 mark is a “gift.”
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In November 2021, Bitcoin reached an all-time high near the $70,000 mark, and building on this CredibleCrypto says that after surpassing that mark, he expects the cryptocurrency to meet resistance over the $100,000 mark.
Per his words, reaching six figures will come “a few months after we break the all-time high,” which means that if his $70,000 this year prediction materializes, the $100,000 mark could be reached “this year or early next.”
Other analysts have notably also been making bullish price predictions. As CryptoGlobe reported, investor Preston Pysh recently predicted BTC is set to see a 100% rise per year when compared to fiat currencies like the U.S. dollar.
Data from on-chain analytics firm Santiment has notably shown that a relatively small cohort of Bitcoin addresses is amassing a considerable amount of the flagship cryptocurrency’s circulating supply, with a total of 15,870 addresses, each holding over 100 $BTC, collectively commanding 11.5 million coins.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/08/bitcoin-btc-price-could-hit-70000-this-year-popular-crypto-analyst-predicts/
