The future trajectory of Bitcoin has been a hot topic of discussion among major crypto analysts, especially in light of the recent price action and consolidation following the halving event. One crypto analyst, CrediBULL Crypto, has boldly predicted that Bitcoin will soon rise to a six-digit all-time high (ATH). In a recent post on X (formerly Twitter), CrediBULL Crypto confidently stated that Bitcoin would reach $100,000 on its next upward movement. He went on to predict that this bullish trend would kick off within the next seven to ten days, claiming that BTC will experience an “absolutely giga send” when that time arrives. Moreover, the analyst expressed his belief that the worst is now behind Bitcoin, referencing the significant price correction the flagship crypto underwent before and after the halving, which resulted in a 20% price drop. CrediBULL Crypto is of the opinion that Bitcoin is unlikely to see such a steep decline again from its current price level. He further asserted that the downside is now limited to $60,000, and realistically, Bitcoin cannot drop below $62,000 to $63,000. Regardless of the outcome, he expects the much-anticipated Bitcoin pump to commence within the next ten days, ultimately propelling Bitcoin to $100,000.
In another X post, CrediBULL Crypto reiterated his optimism about Bitcoin’s future. He suggested that once Bitcoin surpasses the sell orders above its current price level, the bears in the market will be forced to exit their positions. Additionally, he pointed out that Bitcoin’s open interest is slightly decreasing as short positions begin to cover, and the spot premium has made a comeback for the first time since May 20th. Interestingly, CrediBULL Crypto had previously forecasted a price decline for Bitcoin to $66,000, as part of a larger prediction that Bitcoin would subsequently rally above $71,000 following the correction. With the price drop to $66,000 now realized, he believes that the time is ripe for the anticipated upward trend to kick in.
Another crypto analyst, Egrag Crypto, has offered an even more bullish price prediction for Bitcoin, setting the next target at $173,000. Egrag Crypto drew parallels between Bitcoin’s current price action and its movements during the 2017 market cycle. He highlighted that Bitcoin is currently consolidating around Fib 1.0, similar to what occurred in 2017. In the previous market cycle, Bitcoin had four monthly candles followed by an explosive fifth one. Egrag Crypto pointed out that this pattern is repeating itself, with Bitcoin already displaying four monthly candles while consolidating near its previous ATH. With this analysis in mind, Egrag Crypto foresees a considerable surge in Bitcoin’s price, setting his sights on the impressive target of $173,000.
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