A popular cryptocurrency trader has predicted that the flagship cryptocurrency Bitcoin ($BTC) will hit a new all-time high next year after an unexpected rally helps it surpass the six-figure mark, before the bear market returns in 2024 and 2025.
According to the pseudonymous analyst known as Credible Crypto, Bitcoin could reach $100,000 by next year amid an unexpected rally, as first reported by Benzinga. The trader did not elaborate too much on their predictions, but did note that a bear market is expected after such a rally.
Bitcoin is at the time of writing trading at around $20,500, after dropping from a near $70,000 all-time high seen last year. The cryptocurrency has been drooping over wider macroeconomic factors including rising interest rates and a risk-off sentiment among investors, as well as a wave of layoffs and withdrawal halts in the cryptocurrency space.
In another tweet, Credible Crypto compared cryptocurrency adoption nowadays to that of the internet in its early days, quoting a Morgan Stanley report noting that the internet had 77 million users in 1996 and 412 million in 2000. By 2010, the report added, the internet had 1.98 billion users, and is now at 4.9 billion.
As of June 2021, the report said the number of global cryptocurrency users reached 221 million.
Notably, as CryptoGlobe reported, the number of active cryptocurrency users at Bank of America has fallen by more than 50% from its peak during the height of the cryptocurrency bull market as cryptocurrency prices plunge and Bitcoin posts its worst quarter in more than a decade.
Another popular crypto analyst, Kaleo, recently shared that he sees BTC’s price explode by over 400% to trade at $110,000 over the next few years, based on the cryptocurrency’s performance and its next halving event. Before it surges, however, he sees BTC trading sideways.
Bloomberg Intelligence analyst Mike McGlone has revealed he believes Bitcoin could be on track for “one of the greatest bull markets in history” based on a number of factors, or crypto could be a “failing experiment in the process of being made redundant.”
Per McGlone, Bitcoin is nearing a “similar drawdown as the 2018 bottom,” which was the end of a year-long bear market that saw the price of the flagship cryptocurrency plunge from around $19,000 to $3,200. McGlone’s analysis was based on data from the Bloomberg Galaxy Crypto Index and the flagship cryptocurrency’s 50- and 100-week moving averages.
Image Credit
Featured image via Unsplash
