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Crypto expert SOcular known as KSI, has shared his thoughts on how that Bitcoin price could continue until the peak of this bull cycle. Based on his prediction, the flagship crypto could see it happen significant drops on the way to one new all-time high of $100,000.
$80,000 could be next for Bitcoin
KSI is mentioned with an X (formerly Twitter) post that Bitcoin could rise to $73,000 to $80,000 from here. However a A correction could follow quickly, as the crypto analyst noted that Bitcoin would fall to $50,000 to $60,000 after that. KSI added that it will be a “boring red summer,” suggesting that the price of BTC will not be encouraging during this period.
Things will pick up again in winter, KSI claimed. He also stated that Bitcoin could reach $100,000 by early 2025 or even before the end of this year. With its prediction, KSI joins a list of analysts who have predicted that Bitcoin could reached the $100,000 mark before the year ends.
Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, stated previously that BTC would rise to this price level this year. Now Standard Chartered initially predicted that Bitcoin would reach $100,000 by the end of the year, before taking a more optimistic stance and predicting that the flagship crypto would reach $150,000 by the end of 2024.
What to expect from BTC price
KSI’s prediction also reflects the views of crypto analyst Rekt Capital. In one current analysisRekt Capital mentioned that after the Bitcoin halving, Bitcoin would begin a “multi-month reaccumulation” that could last up to five months. The crypto analyst noted that this period is usually characterized by Bitcoin's tepid price action.
Once this phase is over, Rekt Capital announced that Bitcoin would break out of the re-accumulation area and make a parabolic move. This is said to be when BTC experiences “accelerated growth into a parabolic uptrend.” This phase lasts over a year, but Rekt Capital believes it could be halved during this phase Market cycle with a “potentially accelerated cycle taking place right now.”
The accelerated cycle he is referring to includes the fact that BTC has reached one 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 at around $67,400, up over 4% in the last 24 hours Data from CoinMarketCap.
BTC bulls struggle to keep price above $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
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