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According to Fred Krueger, a popular Bitcoin advocate, the price of Bitcoin (BTC) could be on track to double between now and the end of the year. "No more turtle nonsense," he added.
The bullish prediction comes as the Bitcoin price is attempting to revive its bullish momentum.
Earlier today, the price of Bitcoin peaked at $63,790, according to data provided by cryptocurrency tracking site CoinGecko. However, it has since pared some of its gains, currently trading at $63,368.
Despite the fact that Bitcoin's price performance has been rather underwhelming after multiple failed attempts to surpass the $68,000 level, the leading cryptocurrency is still in a bull market, according to Ki Young Ju, founder and CEO of crypto analytics firm CryptoQuant.
Mike Novogratz, the head of Galaxy Digital, recently said that the leading cryptocurrency by market cap could end up topping $100,000 this year. However, it would need to reclaim the pivotal $73,000 first. So far, it turned out to be too hard to crack.
Is another market bottom near?
In the meantime, the Bitcoin network is now on track to experience a significant drop of roughly 6%. This could be its most severe negative difficulty adjustment since December 2022. Back then, the market experienced a bottom.
This time around, the capitulation of Bitcoin miners, which was caused by declining profit margins after the halving event, could also signal a potential trend reversal.