In the cryptocurrency markets, a closely followed popular analyst suggested that Bitcoin (BTC) could skyrocket to a six-figure price level by the fourth quarter of 2024. The senior analyst mentioned that Bitcoin could reach $100,000.
Call for a Bull Cycle from the Analyst
Popular crypto analyst Altcoin Sherpa, through statements made on the social media platform X, told his followers that the bull cycle of the highest market value cryptocurrency is not yet complete. The senior analyst stated:
Yet, I don’t think this will end here. I still believe BTC will hit six figures and we will see some sort of frenzy.
$100,000 Target for Bitcoin
According to the senior analyst, the leading cryptocurrency could reach a $100,000 level in the fourth quarter of 2024. However, Altcoin Sherpa noted that there are several challenging bear scenarios that could see BTC drop up to 35% from its current price before reaching six figures. He finally added:
Is it over? I don’t think so. However, I believe such price movements will lead to larger downtrends/pullbacks. Even if BTC goes to $40,000-$50,000, it is still a high timeframe. But if we see a move to $50,000, it will likely result in a severe move that could devastate the market; the transition from $60,000 to $50,000 will be strong, and altcoins could face cuts of 50% or more from current levels… We are not there yet, but we might need more cleansing. I can imagine a scenario where BTC goes to $40,000-$50,000, everything gets wiped, we stay there for three to four months, and then in the fourth quarter of 2024, it shoots up to $100,000.
The leading cryptocurrency, Bitcoin, was trading at $62,374, showing a slight increase over the last 24 hours at the time this article was written.
