Bitcoin (BTC) will surpass $100,000 next year, but a record-breaking bear market will ensue, a popular trader believes.
In a Twitter discussion on Oct. 22, Credible Crypto endorsed a theory that Bitcoin’s next halving will also see macro lows as low as $10,000.
BTC bulls only have to wait a year for $100,000
With consensus calling for Q4 2022 to mark the end of 2018’s Bitcoin bear market, few are in the mood to call for a turnaround.
While a bold prediction from LookIntoBitcoin creator Philip Swift recently gave the current bear market just a few months to live, most commentators continue to target new lows.
For Credible Crypto, however, the real interesting territory is further ahead — but 2023 will be a major turning point.
After hitting new all-time highs (ATHs) of at least $100,000, BTC/USD will come off its blow-off top in an unprecedented way, he believes.
The next bear market will bottom even below this year’s $17,600, giving buyers a chance to enter the market as low as $10,000 by 2025.
“Agreed, probably in 2025 I guess,” Credible Crypto responded to fellow trader and analyst Mr. Parabullic’s original prediction.
“First, new ATH in 2023 – blow off of top 5th wave above 100k – followed by the biggest bear market we have seen so far, worse than the current one in both time and price – brings us to the 10-14k, which everyone has to wait for now.”
Another active social media trader, Crypto Tony, found it harder to agree, calling for a macro bottom early in the next quarter followed by a fresh uptrend.
From $10,000 bitcoin up to $2 million bitcoin
Elsewhere, others have indicated levels between $10,000 and $16,000 as likely floor prices for the coming months.
Related: Global Recession Could Last Until Almost 2024 Bitcoin Halving – Elon Musk
The $10,000 price tag belongs to Filbfilb, co-founder of trading suite Decentrader, while popular crypto analyst Il Capo continues to insist that $14,000-$16,000 will materialize quickly after Bitcoin posted a relief jump to around $21,000.
“All I see is a lot of shorts that should be squeezed,” he told his followers on Oct. 21, before subsequently suggesting the rebound would start now.
“Shorting support is not a good idea. Send it to 21k. Then nuke it to 14k.”
In the longer term, wealth manager Larry Lepard is banking on Bitcoin trading at a whopping $2 million per coin within the next six years.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD was trading around $19,200 at the time of writing.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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