A popular crypto analyst and trader has predicted that an unexpected rally will send Bitcoin (BTC), the largest cryptocurrency by market capitalization, to new all-time highs in 2023 before the return of another bear market in 2024 and 2025.
According to the pseudonymous analyst popularly as Credible Crypto in the crypto industry, Bitcoin could reach $100,000 by next year. Although he did not explain the prediction further, he said that the market will welcome another bearish cycle after the rally.
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Credible Crypto tweeted, “Still expecting a new ATH and six figure $BTC by 2023 and believe we are likely back on our way down in 2024-2025 and in the depths of a bigger bear market than most have ever seen at that point. Kudos to Kaleo if he is right and I am wrong- time will tell.”
Still expecting a new ATH and six figure $BTC by 2023 and believe we are likely back on our way down in 2024-2025 and in the depths of a bigger bear market than most have ever seen at that point. Kudos to Kaleo if he is right and I am wrong- time will tell 🤝 https://t.co/iULuaL1oc6
— CrediBULL Crypto (@CredibleCrypto) July 6, 2022
At the time of filing this report, Bitcoin (BTC) is trading at $19,945, after crashing from around $69,000 all-time high recorded in November 2021.
Many macroeconomic factors, including rising interest rates and a risk-off sentiment among investors, have been seen as part of the major causes of the extended negative trend.
The unfavorable situation in the market has caused liquidations in crypto-related firms, massive layoffs, and halts of withdrawal.
In another tweet, Credible Crypto compared the current growing adoption of cryptocurrency to that of the internet in its early days. According to a Morgan Stanley report quoted in the tweet, in the space of 4 years (between 1996 and 2000), the internet grew from 77 million users to 412 million users. The number reached 1.98 billion in 2010 and is now standing at 4.9 billion.
According to the report, as of June 2021, the number of crypto users globally had attained 221 million.
“Internet use surged from 77 million in 1996 to 412 million in 2000. By 2010…internet use had grown to 1.98 billion, and today sits at 4.9 billion.” “The number of global cryptocurrency users reached 221 million in June 2021…” You’re early af, be patient,” Credible Crypto added.