Benzinga - Ahead of a highly anticipated Bitcoin (CRYPTO: BTC) breakout, an anonymous crypto analyst has made a bold prediction about the cryptocurrency’s near-term future.
What Happened: An anonymous crypto analyst, CrediBULL Crypto, forecasts a significant Bitcoin surge soon, Daily Hodl reported on Monday.
Credible, known for his contrarian views, shared that Bitcoin is poised for a substantial upward movement. He anticipates a short-term dip to around $62,000 before a parabolic rise.
The analyst mentioned that Bitcoin’s downside is now limited to $60,000, with a realistic bottom between $62,000 and $63,000.
“I give it about 7-10 days before we absolutely giga-send $BTC. Target: 100k+” he wrote.
Credible believes this Bitcoin rally will cause crypto traders to shift their focus from altcoins to BTC, fearing they might miss out on the gains.
In the short term, he expects Bitcoin to rise above $70,000 before correcting to $64,000 and then reaching new all-time highs.
56k.20% below when this was tweeted and the bottom of the "brutal" correction. If you are reading this now, you made it through.
Downside now limited to 60k (invalidation) and realistically no lower than 62-63k (if that) with a high likelihood that this level gets front run… https://t.co/DSjF6RfIHo
— CrediBULL Crypto (@CredibleCrypto) June 8, 2024
See Also: Bitcoin, Ethereum, Dogecoin End Week With Strong Sell-Off As Traders React To Roaring Kitty Stream
Why It Matters: This prediction aligns with recent analyses and market trends. On June 8, JC Parets of AllStarCharts highlighted that Bitcoin could reach the $100,000 milestone if it maintains levels above $70,000. Parets emphasized that surpassing its previous peak of approximately $73,800 would signal a significant technical breakout.
Additionally, the cryptocurrency market has seen a resurgence of investor interest. During the first week of June, digital asset investment products attracted $2 billion in inflows, culminating a five-week run with a total of $4.3 billion injected into the space. Trading volumes on Exchange Traded Products (ETPs) surged 55% to $12.8 billion for the week, according to Coinshares.
Price Action: At the time of writing, Bitcoin was trading 0.24% lower at $69,444.94 according to Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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