Crypto Analyst Predicts $100,000 Bitcoin by Q4 2024, But Expects Potential Pullbacks
In a recent analysis, a popular crypto trader shared their optimistic outlook on Bitcoin’s future price performance. According to the analyst, who goes by the pseudonym Altcoin Sherpa, Bitcoin’s bullish cycle is not yet over and could potentially reach an impressive six-figure price by the fourth quarter of 2024.
Altcoin Sherpa, who has a significant following on X, a social media platform, believes that Bitcoin still has room for growth and expects to see a surge in price accompanied by “some sort of mania.” They predict the crypto king could “giga send” to as high as $100,000 in late 2024.
However, the analyst also recognizes the possibility of bearish scenarios that could lead to significant price pullbacks. They suggest that Bitcoin might experience a correction of up to 35% from its current price before bouncing back to reach six figures.
Altcoin Sherpa explains, “Even if BTC goes to $40,000-$50,000, it’s still high time frame bullish. But if we saw a move to $50,000, this would result in a violent move that would wreck the market…”
These potential pullbacks could also have an impact on altcoins, with Altcoin Sherpa speculating that they could experience a 50% or more decline from their current levels. The analyst suggests that a downward price action might be necessary, followed by a period of consolidation before Bitcoin makes its significant climb.
The predicted timeline involves Bitcoin hovering in the $40,000-$50,000 range for several months, potentially causing a market shakeout. Only after this phase, Altcoin Sherpa envisions Bitcoin making its way to $100,000 by the fourth quarter of 2024.
While the exact trajectory remains uncertain, with potential dips and volatility along the way, Altcoin Sherpa’s analysis provides an intriguing perspective on Bitcoin’s future potential. As of now, Bitcoin is trading at $62,374, experiencing fractional gains over the last 24 hours.
Source: Altcoin Sherpa/X