Bitcoin is trading on the backfoot this year and is rarely displaying any signs of a breakthrough. The leading crypto has been down for seven months straight and fell below the $20,000 mark. However, Bitcoin jumped nearly 10% today, turning the entire cryptocurrency market green in the last 24 hours. Read here to know why Bitcoin and the crypto market are spiking today despite the global economy being in turmoil.
A leading crypto analyst who goes by the pseudonymous name ‘Crypto Kaleo‘ on Twitter has predicted that Bitcoin could touch six digits. The analyst is bullish on BTC and claims that the crypto will jump 400% after the bear market is over.
Also Read: Shiba Inu: SHI Stablecoin Will Not Take Terra’s Route, Assures Shytoshi
Kaleo shared a chart to his half a million followers on Twitter predicting Bitcoin will reach $110,000 in late 2024 or early 2025.
“Next 18 months or so through the next halving in March of 2024 defined by a crab market staying above high time-frame logarithmic support.” He added, “Late 2024 / early 2025 we finally see a new Bitcoin all-time high and six-figure BTC.”
“I want to clarify – I think BTC does go 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. Might even be just enough to outpace inflation,” he tweeted.
Kaleo reasoned that after the current bear market is done and dusted, interest in cryptos will see a sharp spike. He added that interest in NFTs would also pick up steam and pave the way for the crypto market to reach all-time highs.
Also Read: Crypto Firm ‘Uprise’ Loses $20 Million Of ‘Users Money’ By Shorting LUNA
Will Bitcoin Reach $110,000 in 18 Months? Here’s Our Take
When Bitcoin reached its all-time high of $69,044 last year, analysts predicted that BTC would touch $100,000 by the end of the year. Even mainstream leading business websites predicted that Bitcoin would reach $100,000 by the end of 2021. However, we all know how that played out. BTC, instead of moving forward, began going backward. Investors who believed in the $100,000 prediction last year and invested their money as now in deep water.
It is advised to stay cautious during this economic downturn as another crash might be on the horizon. The $111,000 prediction for 2024 might be like the ‘Bitcoin to reach $100,000 by the end of 2021’ headlines. There is no shortage of prophecies in the market as price predictions are flying off the shelves every minute.
Also Read: Crypto Market Plagued with ‘HODL’ Culture: Here’s Why it’s Wrong
The below picture exactly describes the current situation of ‘price predictions’ making the rounds on social media by analysts.
More than predictions, it is advised to consider the global market situation carefully before making an entry position in Bitcoin.
At press time, Bitcoin was trading at $21,598 and was up 5.37% in the 24 hours day trade. Also, BTC is down 69% from its ATH of $69,044, which it reached in November last year.