Bitcoin Set For Parabolic Rally To $100,000 In 7 Days, Says Crypto Strategist -

Bitcoin Set For Parabolic Rally To $100,000 In 7 Days, Says Crypto Strategist

Jun 11, 2024Jeremy ParkinsonFinance, No picture0

Following recent predictions and market movements, significant shifts are occurring within the Bitcoin ecosystem. Notably, on-chain data shows movements from long-dormant Bitcoin wallets, sparking speculation and potential market shifts. According to a CNF post, predictions now point to a potential peak of $350,000 post-halving, underscoring the optimistic sentiment pervading the market.According to tweets by CrediBULL Crypto, a crypto trader and analysist, the market is poised for significant movement. He suggests that Bitcoin has already reached its lowest point in the current market cycle, marking a bottom at $60,000. This level, he believes, might not be revisited anytime soon.In his analysis, CrediBULL Crypto highlights three key points:

Current Market Position: Bitcoin is currently priced around $56,000, which is 20% lower than his predicted bottom. He reassures investors who have weathered the recent market downturn, indicating that the worst of the correction is likely over.

Future Projections: He forecasts minimal downside risk for Bitcoin, with a potential drop capped at $60,000. More realistically, he does not expect the price to fall below the $62,000 to $63,000 range. He suggests that these levels might even be surpassed before they are tested due to aggressive buying behavior in the market.

Impending Rally: CrediBULL Crypto predicts a massive rally for Bitcoin in the next 7 to 10 days, with a target exceeding $100,000. This surge is expected as liquidity shifts from alternative cryptocurrencies like Dogecoin, which may experience a decline, back into Bitcoin, which is anticipated to dominate market attention and investment inflows.

Anticipating a Substantial UptickPredicting a vigorous upswing, CrediBULL Crypto anticipates Bitcoin’s price to rocket beyond $100,000 in the coming 7 to 10 days. This bullish trend is expected to be fueled by a migration of liquidity from altcoins, such as Dogecoin, back into Bitcoin, reinforcing its dominance in the crypto market.At present, Bitcoin trades at $69,426.99, marking a slight decrease of 0.21% in the last day, yet a rise of 0.56% over the past week. For a closer look at Bitcoin’s price trajectory, view the chart below.More By This Author:Ethereum Inflows Soar: Record Week With $69M As ETFs Near Trading Launch, What’s Next?Bitcoin ETFs Absorb Two Months’ Worth of BTC Mining Supply In A Single Week: BTC Price To Soar To $80,000? XRP Set to Rise as Ripple Endorses ETF Plan, Analysts Say; Raboo Thrives Amid Ethereum Surge