Bitcoin (BTC) has had a busy week. The price of the digital currency has ranged from $66,000 to $58,000 over the past 7 days. Some of the factors that led to the drop in value include small miners selling BTC and capital outflows from ETFs.
However, despite all this, Credible analyst Sgurto predicts the growth of the coin to $100,000. The expert notes: a new impetus is what bitcoin needs to get out of the consolidation zone, in which the asset has been since February 28.
Investments in projects at an early stage are always associated with increased risk. Cryptocurrency developers cannot guarantee profits to investors.
It is better to buy now
Investor Credible Sgurto created his forecast based on the theory of Elliott waves. This method of technical analysis calculates price movements in financial markets by taking into account recurring cycles. There are two types of waves: impulsive and corrective. Credible Sgurto notes that bitcoin is on the threshold of exactly the impulse wave.
It is believed that after the growth of BTC value, the performance of other promising crypto coins will also increase. However, those that are somehow related to the main digital currency on the market may become especially valuable. One such project is 99Bitcoins (99BTC), a platform that helps to understand bitcoin trading.
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For the 99Bitcoins service, its own token, 99BTC, is a means of encouraging traders who are willing to learn the terminology of cryptocurrencies and blockchain. Users take modules, quizzes, and tests, and are rewarded with coins. With this gamified approach, 99Bitcoins also falls into another promising Web3 category – crypto games.
In addition, investors can send their coins into staking to earn up to 740% annually in passive income.
What else could push the asset upward is the airdrop of the bitcoin cryptocurrency. The developers are holding a $99,999 coin raffle. Currently, the value of 99BTC is $0.00111. Since the launch of the pre-sale, $2.3 million has been raised.
Bitcoin price forecast: prerequisites for growth
Leading cryptocurrencies fall in value during every bull cycle. This does not mean that bitcoin no longer has growth potential. If demand increases, the BTC price will resume its uptrend. In previous bull markets, bitcoin has corrected by more than 20%.
In this context, crypto-enthusiasts are behaving differently. While large traders in ETFs are selling their holdings, others are taking advantage of the fact that the bitcoin price has declined to accumulate more coins. According to the Lemon exchange, institutional investors have started to open positions amid BTC’s decline. Small traders showed the opposite behavior and increased the volume of bitcoin purchases.
According to the SoSoValue portal, June 25 was a positive day for the market. The negative streak for bitcoin-ETF was interrupted. This could be a sign of a recovery in the price of the digital currency.
In the medium to long term, bullish expectations for the value of bitcoin remain in place. If history repeats itself, BTC should have a parabolic rise that will take it to new heights in about 6 months after halving. This is exactly what has happened in every cycle so far. If it happens again, this promising cryptocurrency will rise in price by the end of 2024 or early 2025.
Nevertheless, diversification is essential for any investment portfolio to reduce risk and maximize its profitability. To do this, traders should include a variety of assets – both listed and emerging cryptocurrencies.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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