Bitcoin Will Hit $70,000 by Year-End After Shaking out Weak Hands, Popular Crypto Analyst Suggests

A popular cryptocurrency analyst has revealed that they believe the price of the flagship cryptocurrency could soon move up as it paves the way for an exponential surge in value in the future.

The analyst, known as Credible Crypto on the microblogging platform Twitter where they have amassed a sizable following of over 340,000 individuals, conveyed in a recent video that Bitcoin is likely at the threshold of establishing a foundational base for a tremendous surge, but noted $BTC could potentially retract to as low as $25,000 before the next phase of its rally.

Per his words, the most substantial consolidations, and gradual upward climbs “typically occur at the base of these explosive curves,” and users should “not anticipate such consolidations to take place once we commence our climb to $30,000, $40,000, or $50,000.”

He also anticipates that Bitcoin will likely experience a period of consolidation within a narrow trading range over the next two months before skyrocketing to unprecedented highs.

Credible Crypto predicted that the next phase of the bull cycle should take the flagship cryptocurrency into the $40,000 range. Once that target is hit, he said, there “will be virtually no obstacles to prevent us from reaching new all-time highs.”

The analyst noted he expects $BTC to hit a new all-time high before 2024, which would mean the flagship cryptocurrency’s price will surpass the $70,000 by the end of this year. To many, the recent drop $BTC has experienced was a healthy and necessary shakeout that cleared out weak hands and overleveraged traders, setting $BTC up to rise in the near future.

As CryptoGlobe reported Arthur Hayes, Co-Founder and former CEO of crypto derivatives exchange BitMEX, has reaffirmed he believes that the price of the flagship cryptocurrency Bitcoin will skyrocket to $1 million.

Hayes anticipates that another regional bank will soon confront liquidity challenges as the Federal Reserve prepares to increase interest rates once again, expressing skepticism about the central bank’s planned 25 basis point interest rate hike. Per his words, the Federal Reserve either doesn’t “get it” or does and is just “hoping and praying the market is stupid.” Either way, he believes a rate hike “almost” guarantees another non-(too-big-to-fail) bank will collapse.

He also noted that First Republic Bank’s loan portfolio, which he says was filled with “jumbo mortgages” granted to wealthy individuals at low rates, has suffered a decline in value following the rise in interest rates. Hayes conjectures that the next bank to potentially fail will possess a loan book heavily weighted with illiquid, sizable commercial real estate loans.

The BitMEX co-founder also noted that the looming crisis within the banking sector could incite a macroeconomic upheaval, providing the impetus for Bitcoin’s meteoric ascent to $1 million. Hayes has been consistent in his $1 million Bitcoin predictions.

Image Credit

Featured Image via Unsplash