Analyst Predicts Bitcoin Could Reach $100,000 by Year’s End
Altcoin Sherpa, a prominent analyst in the cryptocurrency scene, has boldly predicted Bitcoin (BTC) will reach over $100,000 by the end of this year.
The current price of $67,727 for BTC means this prediction could deliver a more than 48% return.
Altcoin Sherpa made it clear that the current price leaps and drops which fluctuate from $56,000 to $73,600 are just some background static in the market.
$BTC: This is the trading range
anything in this area is just noise
we’re still chopping around and bullish HTF/ chop on LTF
Tranquilo, we’re still going to 100k+ later this year IMO pic.twitter.com/c4TuTEmdhc
— Altcoin Sherpa (@AltcoinSherpa) June 12, 2024
As per his view, Bitcoin’s path will mainly depend on its capacity to stay above the 200 exponential moving average (EMA) on the four-hour chart, high that historically creates price action.
$BTC: There are a lot of interactions with the 4h 200 EMA lately.
You can generally see when price is above it, it acts as support; when below, it acts as resistance.
You’ll oftentimes see it trade below it when it does act as support for a brief time (see March 20/April 2).… pic.twitter.com/Tod19ZHanY
— Altcoin Sherpa (@AltcoinSherpa) June 11, 2024
Also, Altcoin Sherpa further showed the connection between Bitcoin’s price and altcoins.
READ MORE: Trump Holds Talks with Bitcoin Miners, Backs Crypto Sector
He mentioned the possibility of altcoins increasing their value substantially once Bitcoin surpasses its previous all-time high, something he thinks could probably take place in the next half a year.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
