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Crypto expert popularly known as KSI has shared his thoughts on how the Bitcoin price could progress until the peak of this bull cycle. Based on his prediction, the flagship crypto could experience significant dips on its way to a new all-time high of $100,000.
$80,000 Could Be Next For Bitcoin
KSI mentioned in an X (formerly Twitter) post that Bitcoin could rise to between $73,000 and $80,000 from here. However, a correction could quickly follow, as the crypto analyst remarked that Bitcoin would drop to between $50,000 and $60,000 afterwards. KSI added that it would be a “boring red summer,” suggesting that BTC’s price won’t be encouraging during that period.
KSI claimed that things would then pick up again in the winter. He also stated that Bitcoin could hit $100,000 by the beginning of 2025 or even before the end of this year. With his prediction, KSI joins a list of analysts who have predicted that Bitcoin could hit the $100,000 mark before the year runs out.
Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, previously stated that BTC would rise to that price level this year. Meanwhile, Standard Chartered initially predicted that Bitcoin would hit $100,000 by year-end before taking a more bullish stance and predicting that the flagship crypto would hit $150,000 by the end of 2024.
What To Expect From BTC’s Price
KSI’s prediction also echoes the sentiments of crypto analyst Rekt Capital. In a recent analysis, Rekt Capital mentioned that Bitcoin would enter a “multi-month re-accumulation” after the Bitcoin Halving, which could last up to five months. The crypto analyst noted that this period is usually characterized by Bitcoin’s tepid price movement.
Once that phase was over, Rekt Capital revealed that Bitcoin would break out from the re-accumulation area and make a parabolic move. This is said to be when BTC experiences “accelerated growth into a parabolic uptrend.” This phase lasts over a year, but Rekt Capital believes it may be cut in half in this market cycle with a “potential accelerated cycle occurring right now.”
The accelerated cycle he refers to includes the fact that BTC hit a new all-time high (ATH) before the Bitcoin Halving. That has never happened in previous market cycles, raising the possibility of this bull market being largely different from past ones.
At the time of writing, Bitcoin is trading at around $67,400, up over 4% in the last 24 hours according to data from CoinMarketCap.
BTC bulls struggle to hold price above $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com