A widely followed crypto trader says Bitcoin (BTC) could soar to a six-figure price tag by the fourth quarter of 2024.
In a new thread, pseudonymous crypto analyst Altcoin Sherpa tells his 215,900 followers on the social media platform
“I still don’t think it would be ‘over’ though and that’s it for this cycle. I think we will still see BTC at six figures and some kind of mania.”
According to the pseudonymous analyst, the crypto king could ‘giga send’ to a price of $100,000 in the fourth quarter of 2024.
However, Altcoin Sherpa says there are some compelling bear cases for BTC, where the price could drop up to 35% from the current price before rising to six figures.
“It’s over’? I don’t think so. But I think this kind of price action leads to bigger downtrends/pullbacks. Even if BTC goes to $40,000-$50,000, it’s still high time frame bullish.
But if we were to see a move to $50,000 it would result in (probably) a violent move that would devastate the market (a move from $60,000 to $50,000 would be strong) and altcoins take a haircut of 50% or more from the current levels…
We’re not there yet, but may need further washing. I could imagine a scenario where BTC goes to $40,000-$50,000, everything gets wiped out, we hang around there for three to four months, and then mega-shipments to $100,000 in Q4 2024.”
Bitcoin is trading at $62,374 at the time of writing, up fractionally over the past 24 hours.
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