Bitcoin Will Hit $70,000 by Year-End After Shaking out Weak Hands, Popular Crypto Analyst Suggests

A well-known cryptocurrency analyst has stated that they expect the price of the flagship cryptocurrency will soon rise, paving the path for an exponential increase in value in the future.

The analyst, known as Credible Crypto on the microblogging platform Twitter, where they have amassed a sizable following of over 340,000 people, stated in a recent video that Bitcoin is likely on the verge of establishing a solid foundation for a massive surge, but that BTC could potentially retract to as low as $25,000 before the next phase of its rally.

According to him, the most significant consolidations and slow upward climbs “typically occur at the bottom of these explosive curves,” and users should “not expect such consolidations to occur once we begin our climb to $30,000, $40,000, or $50,000.”

He also predicts that Bitcoin will likely consolidate within a small trading range for the next two months before exploding to record highs.

According to Credible Crypto, the next phase of the bull cycle will take the flagship cryptocurrency towards the $40,000 region. He stated that once that aim is met, “there will be virtually no obstacles to prevent us from reaching new all-time highs.” The analyst predicted that BTC will reach a new all-time high before 2024, implying that the flagship cryptocurrency’s price will top $70,000 before the end of this year. According to many, the recent decrease in BTC was a good and necessary shakeout that weeded out weak hands and overleveraged traders, allowing BTC to gain in the near future.

As previously reported, Arthur Hayes, Co-Founder and Former CEO of crypto derivatives exchange BitMEX, has repeated his belief that the flagship cryptocurrency Bitcoin will surge to $1 million.

Hayes expects another regional bank to face liquidity issues as the Federal Reserve prepares to raise interest rates again, expressing pessimism about the central bank’s anticipated 25 basis point rate hike. According to him, the Fed either doesn’t “get it” or does and is “hoping and praying the market is stupid.” In any case, he believes a rate hike “almost” guaranteed the failure of another non-(too-big-to-fail) bank.

He further stated that First Republic Bank’s loan portfolio, which he claims was packed with “jumbo mortgages” issued to wealthy customers at low rates, has declined in value as interest rates have risen. Hayes believes that the next bank to fall will have a loan book that is significantly weighted with illiquid, large commercial real estate loans.

The BitMEX co-founder also stated that the approaching banking crisis might cause a macroeconomic upheaval, providing impetus for Bitcoin’s stratospheric rise to $1 million. Hayes’ $1 million Bitcoin estimates have been consistent.