- An analyst predicts BTC will dip to $62K before a massive surge.
- Bitcoin whales hold over 40% of BTC supply, boosting bullish sentiment.
A reputable cryptocurrency analyst who is known for his contrarian predictions has boldly predicted that Bitcoin (BTC) will soon experience a big rising trend.
Anticipation of a Bitcoin Last Downtrend
According to pseudonym analyst CrediBULL Crypto, Bitcoin is about to make a significant breakthrough but might take one more fall before taking off. The analyst projects that before starting another parabolic surge to new highs, the BTC price may drop as low as $62,000.
“Downside is now limited to $60,000 (invalidation) and realistically no lower than $62,000–$63,000 (if that), with a high likelihood that this level gets front run as well. I give it about seven-10 days before we absolutely giga-send BTC. Target: $100,000+,” CrediBULL stated.
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
Impact on Altcoin Holdings
The expected Bitcoin gain, claims Credible, would force cryptocurrency traders to sell their holdings of other currencies out of fear of missing out (FOMO) on the BTC boom.
“BTC prints an absolute chad of an impulse candle which is so big and strong that the space’s collective attention shifts to BTC for a period of time and liquidity begins to flow out of the 10,000,000 other alts (of which DOGE is one) and into BTC as it begins to go vertical.”
Current Market Data and Whale Activity
Meanwhile, according to CoinMarketCap data as of right now, the price of BTC is about $69,410.71, slightly up 0.06% from the previous day. This, with a rise of 0.86% during the previous seven days.
The bullish mood was further fueled by the active accumulation of Bitcoin whales, who control over 40% of the BTC supply, as previously reported by ETHNews.
Also, CrediBull projects Bitcoin will rise beyond $70,000 once more in the near future, then correct below $64,000 before rising to new highs.
