A crypto analyst and trader, known as CredibleCrypto, has made a prediction that Bitcoin (BTC) will experience a three-digit rally in the upcoming months. Through his Twitter account with over 343,800 followers, he has stated that he expects Bitcoin to increase in value by around 135% to over $70,000 this year.
Long-term perspective on BTC
However, he also noted that Bitcoin may trade in a range before the expected rally takes place.
CredibleCrypto emphasized that the recent strength and green zone around the $29,000 price level may have been the bottom, but the move up still looks corrective.
He advised users to keep a long-term perspective and not become bearish if there is a slight drop in value, as anything above $25,000 should be considered a gift.
According to a pseudonymous analyst, Bitcoin has surpassed its November 2021 all-time high of slightly over $69,000 and is expected to face its first resistance at a price of more than $100,000.
The analyst predicts that the price will reach $100,000+ after breaking the previous all-time high, which may happen a few months after the initial breakthrough.
Should the all-time high be reached this year, the $100,000 mark could be achieved either this year or early next.
Other Bitcoin predictions are out
A well-respected trader, who accurately predicted the rise of cryptocurrency earlier this year, has recently stated that Bitcoin’s trend has shifted in favor of the bears.
DonAlt, a well-known crypto analyst with over 500,700 followers, believes that the loss of $30,000 as support means that Bitcoin has entered a bearish territory. He suggests that Bitcoin is already consistently moving downward.
DonAlt stated, “The move down has been slow but very consistent, some might call this chop, but I’d call it a downtrend. (above) $30,000 = good. $20,000 = good. $27,000 = might be good enough for a punt.”
Additionally, a crypto strategist noted that Bitcoin has been experiencing a bearish trend since June. However, the strategist also mentioned that BlackRock’s recent application for a spot-based BTC exchange-traded fund (ETF) has given the leading cryptocurrency a boost.
