If you’re a Bitcoin investor, you may be in for a potentially profitable year. According to a prominent cryptocurrency analyst on Twitter, the flagship cryptocurrency could see a surge of over 130% and reach the $70,000 mark by the end of this year. This bold prediction was shared by CredibleCrypto, who has more than 340,000 followers and is known for his analysis of digital currencies.
CredibleCrypto did mention that Bitcoin could experience significant fluctuations before this bullish prediction materializes. Despite Bitcoin’s stability around the $29,000 level, he believes that this could have been the bottom point for the cryptocurrency. However, he also pointed out that the recent upward movement still appears to be corrective, so investors should not be surprised if there is some chopping around before a significant upward move occurs.
Nevertheless, CredibleCrypto emphasized the importance of not losing sight of the big picture. Even if Bitcoin moves down, he advises investors not to become bearish as long as the cryptocurrency remains above the $25,000 mark, considering anything above that level to be a gift.
This optimistic outlook is built upon Bitcoin’s previous all-time high of approximately $70,000 reached in November 2023. CredibleCrypto believes that once Bitcoin surpasses this mark, it will encounter resistance at the $100,000 level. He anticipates that six-figure territory will be achieved a few months after breaking the all-time high, which means that if the $70,000 prediction for this year comes true, the $100,000 milestone could be attained either this year or early next year.
The bullish sentiment isn’t limited to CredibleCrypto alone. Preston Pysh, another investor, has also predicted that Bitcoin will experience a 100% increase per year when compared to fiat currencies like the U.S. dollar. This further supports the notion that Bitcoin’s value is poised for considerable growth.
Interesting data from on-chain analytics firm Santiment reveals that a relatively small group of Bitcoin addresses is accumulating a significant portion of the cryptocurrency’s circulating supply. Specifically, 15,870 addresses currently hold over 100 BTC each, which amounts to a total of 11.5 million coins. This concentration indicates that a select few are acquiring a substantial share of the digital asset.
Overall, Bitcoin investors have reason to be optimistic given the recent predictions by analysts. If CredibleCrypto’s forecast comes to fruition, it could signify significant gains for those holding onto the cryptocurrency. However, in the volatile world of cryptocurrency, fluctuations should be expected, so it’s essential to remain cautious and keep an eye on the market.
Analyst comment
Positive news: The news is positive for Bitcoin investors as a prominent cryptocurrency analyst predicts a surge of over 130% and a reach of $70,000 by the end of the year. The analyst also advises investors to remain bullish as long as Bitcoin stays above $25,000. Market outlook: If Bitcoin surpasses $70,000 and breaks its previous all-time high, it could encounter resistance at $100,000. The bullish sentiment and predictions of significant growth support the idea of considerable gains for Bitcoin investors. However, fluctuations should be expected, so caution is advised.
