dailyhodl.com
A widely followed crypto trader says that Bitcoin (BTC) could skyrocket to a six-figure price tag in the fourth quarter of 2024.
In a new thread, pseudonymous crypto analyst Altcoin Sherpa tells his 215,900 followers on the social media platform X that the top crypto asset by market cap’s bull cycle has yet to finish.
“I still don’t think that it would be ‘over’ though and that’s it for this cycle. I think that we still are going to see BTC to six figures and some sort of mania.”
According to the pseudonymous analyst, the crypto king could “giga send” to a price of $100,000 in the fourth quarter of 2024.
However, Altcoin Sherpa says that there are a few compelling bear cases for BTC that could see it fall by up to 35% from its current price before it shoots up to six figures.
“Is it ‘over’? I don’t think so. But I think that this type of price action leads to larger downtrends/pullbacks. Even if BTC goes to $40,000-$50,000, it’s still high time frame bullish.
But if we saw a move to $50,000, this would result in (probably) a violent move that would wreck the market (move from $60,000-$50,000 would be strong) and altcoins take a 50% haircut or more from current levels…
We’re not there yet but might need a further washout. I could envision a scenario where BTC goes to $40,000-$50,000, everything gets wiped out, we chop for three to four months around there and then giga send to $100,000 in Q4 2024.”
Bitcoin is trading at $62,374 at time of writing, a fractional increase during the last 24 hours.
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