Bitcoin enthusiasts and investors have high hopes for the cryptocurrency, with major analysts predicting that Bitcoin will climb to a six-digit all-time high. CrediBULL Crypto, a well-known crypto analyst, took to social media to share his optimistic outlook on Bitcoin’s future trajectory. In a recent post, CrediBULL Crypto suggested that Bitcoin would rise to $100,000 in its next leg up. He emphasized that this upward trend could start within the next seven to ten days, with BTC making a significant move. Despite the recent price correction that Bitcoin experienced before and after the halving, CrediBULL Crypto believes that the worst is over for the flagship crypto. He pointed out that Bitcoin is unlikely to witness another substantial decline from its current price level, with the downside limited to around $60,000. With the expectation that Bitcoin cannot drop below $62,000 and $63,000, CrediBULL Crypto is confident that the Bitcoin pump will kick off in the coming days, propelling the cryptocurrency to $100,000.
Positive Outlook for Bitcoin’s Price Action
In a separate social media post, CrediBULL Crypto reiterated his positive sentiment towards Bitcoin, stating that things were looking good for the cryptocurrency. He hinted that once Bitcoin surpasses the existing asks above its current price level, the bears would be forced out of their positions. Moreover, CrediBULL Crypto highlighted that Bitcoin’s open interest is gradually decreasing as short positions begin to cover, leading to the return of spot premium for the first time since May 20th. Despite previously predicting a price decline for Bitcoin to $66,000, CrediBULL Crypto now believes that the conditions are ripe for the upward trend to commence, with BTC’s price potentially rallying above $71,000 in the near future.
Bullish Price Prediction of $173,000 for Bitcoin
Egrag Crypto, another prominent crypto analyst, has an even more bullish outlook on Bitcoin’s price performance. Egrag Crypto recently forecasted that Bitcoin’s next target is $173,000, indicating a significant surge in value for the flagship cryptocurrency. Drawing parallels between Bitcoin’s current price action and its behavior during the 2017 market cycle, Egrag Crypto noted that Bitcoin is consolidating around Fib 1.0, reminiscent of its previous market cycle. He pointed out that in 2017, Bitcoin had four monthly candles followed by an explosive fifth one, leading to a substantial price increase. Egrag Crypto emphasized that history seems to be repeating itself, with Bitcoin already exhibiting four monthly candles while consolidating around its previous all-time high. This suggests that Bitcoin could be gearing up for another impressive price rally, potentially reaching new heights in the cryptocurrency market.
Overall, the consensus among top crypto analysts appears to be overwhelmingly positive regarding Bitcoin’s future trajectory. With optimistic price predictions and favorable market indicators, many believe that Bitcoin’s price could soar to unprecedented levels in the coming days and weeks. Investors and enthusiasts alike are eagerly watching to see if these projections will materialize, potentially leading to a new era of growth and prosperity for the leading cryptocurrency.
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