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- A popular crypto analyst, Altcoin Sherpa, predicts Bitcoin (BTC) could reach six figures by the fourth quarter of 2024.
- Despite potential short-term bearish scenarios, the analyst remains optimistic about Bitcoin’s long-term trajectory.
- Bitcoin is currently trading at $62,374, with a slight increase in the last 24 hours.
Renowned crypto analyst, Altcoin Sherpa, predicts a bullish future for Bitcoin, forecasting a potential rise to $100,000 by Q4 2024. Despite potential short-term setbacks, the long-term outlook remains positive.
Altcoin Sherpa’s Bitcoin Prediction
Altcoin Sherpa, a pseudonymous crypto analyst, recently shared his Bitcoin forecast with his 215,900 followers on social media platform X. He believes that Bitcoin’s bull cycle is far from over and could potentially reach a six-figure value in the fourth quarter of 2024.
Possible Bearish Scenarios
Despite his bullish outlook, Altcoin Sherpa acknowledges possible bearish scenarios for Bitcoin. He suggests that the leading cryptocurrency could experience a drop of up to 35% from its current price before it skyrockets to six figures. Even if Bitcoin’s price falls to $40,000-$50,000, he maintains that it would still be high time frame bullish. However, such a move could result in a violent market reaction, with altcoins potentially losing 50% or more from their current levels.
Bitcoin’s Current Market Status
At the time of writing, Bitcoin is trading at $62,374, marking a slight increase in the last 24 hours. Despite the potential short-term bearish scenarios, the long-term outlook for Bitcoin remains positive, according to Altcoin Sherpa.
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Conclusion
While the crypto market is known for its volatility, analysts like Altcoin Sherpa provide valuable insights into potential future trends. Despite potential short-term bearish scenarios, the long-term outlook for Bitcoin remains positive, with predictions of a six-figure value by Q4 2024. However, investors should always conduct their due diligence before making any investment decisions in the crypto market.
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