Bitcoin Price Might Skyrocket By Over 400% To $110,000

Based on the cryptocurrency’s performance and the upcoming halving event, a famous cryptocurrency analyst believes that the price of the flagship cryptocurrency Bitcoin ($BTC) might skyrocket by over 400% over the next few years, reaching $110,000.

Kaleo, a pseudonymous cryptocurrency trader, offered his thoughts on Bitcoin’s path to a new all-time high with his over 520,000 Twitter followers, predicting that BTC will move sideways until the end of the year. According to Kaleo, Bitcoin will trade between $16,000 and $30,000 till December.

By the end of the year, he expects the cryptocurrency price to break through its resistance and start a “few months of rapid, overhyped growth in early 2023,” rather than a new all-time high. According to the trader, this shift “should have an associated mini alt season.”

The 18 months leading up to the March 2024 Bitcoin halving event should be marked by a sideways market, which will end as new altcoin narratives emerge and the non-fungible token market gains traction.

According to the pseudonymous cryptocurrency analyst, BTC will reach six digits by late 2024 or early 2025.

Based on a variety of factors, Bloomberg Intelligence analyst Mike McGlone says Bitcoin may be on course for “one of the greatest bull markets in history,” or crypto might be a “failing experiment in the process of being made redundant.”

According to McGlone, Bitcoin is approaching a “similar drawdown as the 2018 bottom,” which marked the conclusion of a year-long bear market that saw the flagship cryptocurrency’s price fall from about $19,000 to $3,200. The Bloomberg Galaxy Crypto Index and the flagship cryptocurrency’s 50- and 100-week moving averages were used in McGlone’s analysis.

Notably, according to Glassnode data, BTC has been leaving exchanges at the “most aggressive rate in history,” with total exchange outflows in June peaking at 151,000 BTC, valued more than $3 billion. If demand suddenly increases, a lack of supply on exchanges might cause the cryptocurrency’s price to skyrocket.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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