Bitcoin is here "technically sold out"may cost up to 4 times as much as it is now, believes a BTIG analystMark Palmer, an analyst at BTIG, predicts that Bitcoin could more than quadruple its current level and reach $ 95,000 by 2023. Additionally, along with the rebound in the cryptocurrency market, analysts forecast a significant increase in the value of MicroStrategy Inc. shares. Palmer has set a target price for the company’s stock of around $ 950, nearly five times the current price of just under $ 200.

  • Cryptocurrencies can still shine, and Bitcoin’s target could be up to 100,000. USD
  • Despite the deepening sell-off, wide adoption and past experiences suggest that we may soon witness a new BTC / USD growth cycle
  • However, the environment around the token remains highly polarized, and part of it predicts an impending earthquake
  • Do you want to trade cryptocurrencies on the leading crypto exchange? Check out the KuCoin offer – a platform trusted by millions of users around the world.

Bitcoin is gearing up for a rebound or a collapse

In an interview with The Guardian, Binance CEO Changpeng Zhao said Bitcoin could hit its all-time record of 70,000. dollars in a few months, up to two years.

– I think that given this fall in prices, we are talking about a downward move from 68k. up to 20 thousand now, it will take some time to get back to this level. It will probably take months or years Changpeng Zhao said.

Anthony Scaramucci, founder of SkyBridge, told Collision in Toronto that, with Bitcoin’s growing adoption in more and more sectors and the exponential surge in wallet activity, the cryptocurrency is in a state of “technical oversold” and its prospects are bright. .

BTC / USDT quotations as at June 24, 2022 Source: KuCoin
BTC / USDT quotations as at June 24, 2022 Source: KuCoin

But analysts are wondering how deeply Bitcoin will dive and whether it will experience drops similar to those of 2013 and 2017, when its value fell by 84% and 85% respectively.

Let us recall that the local low was at the level of USD 17,600 – approximately 70% below the November BTC / USD highs, and a further decline could lead the asset to slightly above PLN 10,000. USD

That is why the barrier of 20 thousand. The USD remains crucial and its next severe collapse could result in a sell-off wave and a market earthquake.

Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, said Bitcoin could drop to $ 13,000, down almost 40% from the current price.

NED

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It is also worth noting that while in 2013 and 2017 Bitcoin prices increased 90 times and 20 times, 2021 saw a boom that increased the price 10 times, although of course on a completely different scale.

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