A popular cryptocurrency analyst has suggested that over the next few years the price of the flagship cryptocurrency Bitcoin ($BTC) could explode by over 400% to trade at $110,000, based on the cryptocurrency’s performance and its next halving event.
The pseudonymous cryptocurrency trader known as Kaleo shared his thoughts on Bitcoin’s roadmap to a new all-time high with his over 520,000 followers on Twitter, noting that he expects BTC to trade sideways until the end of the year. Specifically, Kaleo sees Bitcoin trading between $16,000 and $30,000 until December.
By the end of the year, he sees the cryptocurrency price beak above its resistance to enter a “few months of rapid, overhyped growth in early 2023” that do not lead to a new all-time high, but instead could see BTC rise to around $50,000. This movement, the trader noted, “should have an associated mini alt season..”
The following 18 months leading up to the March 2024 Bitcoin halving event, should be defined by a sideways market that will end as new altcoin narratives start appearing and the non-fungible token market starts to pick up steam.
By late 2024 or early 2025, the pseudonymous cryptocurrency strategist said, BTC will hit a new all-time high and reach six figures.
As CryptoGlobe reported, Bloomberg Intelligence analyst Mike McGlone has revealed he believes Bitcoin could be on track for “one of the greatest bull markets in history” based on a number of factors, or crypto could be a “failing experiment in the process of being made redundant.”
Per McGlone, Bitcoin is nearing a “similar drawdown as the 2018 bottom,” which was the end of a year-long bear market that saw the price of the flagship cryptocurrency plunge from around $19,000 to $3,200. McGlone’s analysis was based on data from the Bloomberg Galaxy Crypto Index and the flagship cryptocurrency’s 50- and 100-week moving averages.
Notably, Glassnode data has shown that BTC has been moving out of exchanges at the “most aggressive rate in history” as total exchange outflows in June peaked at 151,000 BTC, worth over $3 billion. A lower supply on exchanges could see the cryptocurrency’s price surge if demand suddenly grows.
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