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Bitcoin Could Top $100,000, Face Bear Market, Analyst Says

The analyst believes Bitcoin would settle from its "blow-off top" all-time high (ATH) to figures below its low of $17,600 this year, reaching around $10,000 up to 2025.

A popular cryptocurrency analyst has recently claimed that Bitcoin could reach $100,000 in 2023, but would face a huge bear market afterwards.

Credible Crypto wrote in a Twitter thread that BTC could potentially halve sometime next year to roughly $10,000, becoming a major struggle for the leading cryptocurrency.

The analyst believes Bitcoin would settle from its “blow-off top” all-time high (ATH) to figures below its low of $17,600 this year, reaching around $10,000 up to 2025.

He agreed with Mr Parabullic, stating investors would face “the largest bear market we have seen yet that is worse than the current one in both time and price” which would take it “to the 10-14k” mark.

IncomeSharks, another analyst, stated the rally would follow the “final Facebook adoption cycle” where “everyone and their parents and grandma finally buy after they’ve been skeptical [all] year.”

DecenTrader co-founder Filbfilb initially estimated $10,000, while Capo of Crypto speculated a return to $14,000-16,000 after a potential relief bounce of $21,000.

The Great Bitcoin Buyout

The developments come just hours after investors triggered a massive purchasing rush of 55,000 Bitcoin on the Binance exchange, following the coin’s return to $20,000.

Analyst Michael Wrubel said that he had seen “derivatives platform outflows now setting multi-month records.”

“I’m bullish,” he concluded, hinting at further potential instability in the market.

The purchase was the largest outflow in the platform’s history, topping its nosedive to $17,600 in June and the coin crash in March 2020, according to reports.

No information published in Crypto Intelligence News constitutes financial advice; crypto investments are high-risk and speculative in nature.

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