Credible Crypto, a popular cryptocurrency analyst on Twitter, has said that the price of Bitcoin will cross $100,000 in 2023, but then there will be a major bear market.
To Report Cointelegraph, according to the scenario presented by Credible Crypto, during the next Bitcoin halving, we will see the price reach the $10,000 floor.
While there is a near consensus among analysts that the fourth quarter of 2022 corresponds to the end of the 2018 bear market, few of these analysts cite this timeframe as a turning point.
Philip Swift, founder of LookIntoBitcoin, has predicted that the current bear market will only last a few months, but there are many analysts who are still predicting new bottoms for Bitcoin. .
According to Credible Crypto, the period of prosperity of the Bitcoin market is after 2023, but it has mentioned this year as a major turning point for this digital currency.
He says that after setting a new all-time high of at least $100,000 in 2023, Bitcoin will crash like never before. According to this analyst, the bottom of the next bearish cycle will be below the $17,600 bottom of the current cycle, and buyers will have until 2025 to enter the market at the $10,000 level.
Credible Crypto said:
First, we will reach a new date in 2023 and the fifth wave of price will cross $100,000. Following that, we will see the biggest bear market ever seen, worse in time and price than the current bear cycle. This fall will bring the price to the area between $14,000 and $10,000; The levels that everyone is waiting for now.
Crypto Tony, another active analyst on Twitter, strongly disagrees with this scenario and expects the price to start a new uptrend after reaching its final bottom in the next quarter.
Also Read: Investigating a Claim: Could Bitcoin Halving Happen Soon?
From $10,000 to $2 million
Some traders are eyeing levels between $10,000 and $16,000 as a possible price floor in the coming months. The $10,000 target is the idea of Filbfilb, the founder of the Decentrader group, and Il Capo of Crypto, another Twitter analyst, says that after Bitcoin’s jump to $21,000, the price will quickly enter the zone. It will be $14,000 to $16,000.
He said about this:
What I see now is a large volume of short positions that need to be stressed. It is not a good idea to enter short positions near price support. The price will first jump to $21,000 and then fall to $14,000.
Larry Lepard, who is a fund manager, expects the price of Bitcoin to reach $2 million in the long term and within the next 6 years.