Popular analyst Altcoin Sherpa thinks that the Bitcoin bull market is not over yet and predicts a price of $ 100,000 for the fourth quarter of 2024. Despite that, he also sees some compelling bearish scenarios for the digital currency. As a result, Bitcoin could fall 35 percent from here before rising to the $100,000 level.
Is it over? I do not think so
“Is it over? I do not think so. But I think this kind of price action leads to bigger downtrends and pullbacks. Even if Bitcoin goes to $40,000 to $50,000, the situation is bullish on the higher timeframes.
But if we see a move to $50,000, it would (probably) result in a violent move that destroys the market and sends altcoins down 50 percent. We’re not there yet, but we may need more corrections.
“I can see a scenario where Bitcoin drops to $40,000 to $50,000, everyone gets squeezed out of the market, we trade sideways for a few months and then skyrocket to $100,000 in Q4 2024,” says an optimistic Altcoin Sherpa .
At the time of writing, Bitcoin is flirting with the price of 63,000 dollars and we are up 2.73 percent over the past 24 hours. This means that the bulls appear to be carefully building a bottom around these prices.
Important week coming up
In any case, next week promises to be an important one for Bitcoin. Then there will be important inflation data on the program from America. In the first three months of 2024, rising inflation in America put pressure on the Bitcoin price.
Higher inflation means that the US central bank is not yet in a position to cut interest rates. Certainly not because the American economy has continued to perform strongly to date.
It is therefore important that next week’s inflation data shows that price increases are decreasing and we are moving towards the desired inflation rate of 2.0 percent on an annual basis.
Can you manage that? Then we can possibly expect a price recovery from Bitcoin. Are the figures disappointing again? Then it can sometimes start to hurt.
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