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As bitcoin closed January in a more bullish condition than before, analysts are making more positive predictions for the longer term.
Ari Paul, CIO and founder of BlockTower, took to Twitter to reveal his predictions for a big bull in the coming months. Paul cites $100,000 as a possible price point for Bitcoin in 2024.
He pointed to Bitcoin’s performance in 2017, explaining that it is not at all an exaggeration to expect Bitcoin to be 4x the price next year.
“Take the plunge: I think BTC >$110k by the end of 2024. (current price is $23k). Feels like a relatively aggressive prediction if we only consider the current cycle, but zooming in to 2017, feels pretty plausible. We’ve had some sort of price compression for 5 years now. he explained in a tweet.
Based on his prediction, he cites a technical target set by analyst Davethewave, wherein the Bitcoin price is likely to touch $180,000 by 2025.
   
With Bitcoin’s market capitalization already at $467 billion, he asserts that the introduction of traditional financial offerings, such as funds and exchange products, could help the market deliver large amounts of fiat currency, similar to what GBTC Grayscale did.
The founder also noted that Bitcoin at $110,000 is double the 2021 all-time high Bitcoin price of $69,045. He added that it seems challenging for Bitcoin to test the $110,000 price level with the current state of the market. However, he believes that $110,000 is a conservative price prediction if the market returns to “macro risk only halfway back to 2021 mania.”
“How could this prediction go wrong? (and even funny, so wrong?) Lots of ways. If we have a general recession and equities drop 30% in the next quarter, my base case is new lows for BTC. Maybe we <$12rb di akhir tahun 2024 bukannya >$110k. Lots of other risks.” he added.
CryptoQuant: 2023 is the year for “bull market preparation”
Meanwhile, on-chain analytics platform Cryptocurrency CryptoQuant has branded 2023 as the year for a bull run.
“We can intuitively know the movement of market participants by the estimated percentage of BTC 1 week to 1 month after it was purchased.” Cryptoquant notes in recent analysis.
A bull market usually starts after the Bitcoin percentage registers a sudden increase, following a large market drop after a long period. The percentage of BTC 1 week to 1 month is also expected to increase rapidly.
Cryptoquant states that it is uncertain how long it will take for BTC to actually go down. However, a massive drop in the price of Bitcoin foreshadows a positive outcome in the future.
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