The price of Bitcoin surged to $69,900 following the inflation data release but then declined. It initially dropped to $68,000 and then to $66,300 after the FED’s interest rate decision. Amid these market fluctuations, analysts’ price predictions have garnered attention.
How Much is Bitcoin in TL?
One closely followed crypto analyst predicts that Bitcoin (BTC) could reach six-figure prices in the short to medium term.
Altcoin Sherpa, a well-known crypto analyst and trader, made significant statements on X. Sherpa suggested that Bitcoin could move above $100,000 “towards the end of this year,” implying at least a 48% potential gain from its current price.
According to Altcoin Sherpa, Bitcoin, the undisputed market leader, finds buyers between the low of $56,000 and its all-time high of $73,600.
Everything between $56,000 and $73,600 is just noise. We are still experiencing high timeframe uptrends and low timeframe downtrends.
As of the time of writing, Bitcoin is trading at $66,632, reflecting a 2.13% drop in the last 24 hours. In the BTC/TRY pair, the price is seen at 2,152,000 TL.
Analyst’s Bitcoin Prediction
Altcoin Sherpa also highlighted the importance of the 200 exponential moving average (EMA) on the four-hour timeframe for understanding BTC’s price direction.
Typically, when the price is above it, it acts as support; when below, as resistance. You’ll often see it trading below after briefly acting as support (see March 20 and April 2). I am betting on this timeframe. I think we will bounce here…
Sherpa also shared his views on altcoins, stating that their price changes would parallel Bitcoin’s movements.
In the short term, things look bad, but I feel that strong altcoins will still experience significant gains when Bitcoin surpasses its all-time high. I have no idea when this will happen. However, I strongly believe BTC will achieve this within the next six months. And when altcoins finally start to bounce, the strongest ones will move the hardest (probably still memes).
