Bitcoin is trading behind the times this year, rarely showing signs of a breakthrough. The leading cryptocurrency has been falling for seven straight months, dropping below $20,000. However, Bitcoin is up nearly 10% today, turning the entire cryptocurrency market green in the past 24 hours. Learn why Bitcoin and the crypto market are peaking today despite the global economy being in turmoil.
A leading crypto analyst working under the pseudonymous name ‘crypto kaleo’ on Twitter has predicted Bitcoin could hit six digits. The analyst is optimistic about BTC and claims that the crypto will rise 400% after the bear market is over.
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Kaleo shared a chart with his half-million followers on Twitter and predicted that Bitcoin will reach $110,000 in late 2024 or early 2025.
“Next 18 months or so until the next halving in March 2024, defined by a crab market staying above the logarithmic support of a high time frame.” He added, “Late 2024/early 2025 we will finally see a new Bitcoin all-time high and six-digit BTC.”
“I want to clarify – I think BTC is doing going higher than what this chart shows ($110,000). That’s still a 5x+ from current prices in less than two and a half years. That’s not bad at all. It might even be just enough to outpace inflation.” he tweeted.
Kaleo reasoned that after the current bear market ends and dusts off, interest in cryptos will see a sharp spike. He added that interest in NFTs would also pick up steam, paving the way for the crypto market to hit record highs.
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Will Bitcoin reach $110,000 in 18 months? Here’s our opinion
When Bitcoin hit its all-time high of $69,044 last year, analysts predicted that BTC would hit $100,000 by the end of the year. Even leading business websites predicted that Bitcoin would reach $100,000 by the end of 2021. However, we all know how that turned out. BTC started going backwards instead of moving forward. Investors who believed in the $100,000 forecast last year and invested their money in deep water as they do now.
It is advised to remain cautious during this economic downturn as another crash may be imminent. The forecast of $111,000 for 2024 could be as headlines read “Bitcoin to hit $100,000 by the end of 2021.” There is no shortage of prophecies in the market as price predictions are flying off the shelves every minute.
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The image below describes exactly the current situation of ‘price predictions’ by analysts doing the rounds on social media.
More than predictions, it is advised to carefully consider the global market situation before taking an entry position in Bitcoin.
At the time of writing, Bitcoin was trading at $21,598 and was up 5.37% in 24-hour trading. Also, BTC is down 69% from its ATH of $69,044, which it reached in November last year.