In a recent online discussion, a prominent crypto analyst known as Altcoin Sherpa shared with his followers his prediction regarding the future trajectory of Bitcoin.
Despite current market trends, the expert believes BTC’s bull run is far from over. He expects a sharp rise in the value of the cryptocurrency, which could potentially reach the six-figure zone by the fourth quarter of 2024.
The analyst acknowledged the possibility of bearish scenarios for Bitcoin, suggesting that the cryptocurrency could experience a drop of up to 35% from its current price before climbing to new highs. He emphasized that even if BTC falls to the $40,000-$50,000 range, it will still maintain a bullish outlook in the long term.
However, Altcoin Sherpa warned of potential market volatility, especially if Bitcoin suffers a sharp drop to $50,000. Such a move could lead to a tumultuous market trend that could potentially result in heavy losses for altcoins.
Although the expert suggests the possibility of further corrections in the market, he remains optimistic about the long-term prospects of Bitcoin. He envisions a scenario where BTC goes through a period of consolidation before going on a serious upward trajectory, eventually reaching $100,000 by the end of 2024.
At the time of writing, Bitcoin is trading at $62,938, having seen a slight increase of 24% in the last 2.5 hours.
