Bitcoin (BTC) Price Could Double by Year-End, According to Fred Krueger

The bullish prediction comes as the Bitcoin price is attempting to revive its bullish momentum.

Bitcoin Price Analysis: BTC Price Could Double by Year-End: Fred Krueger

The price of Bitcoin (BTC) could be set to double between now and the end of the year, according to popular Bitcoin advocate Fred Krueger.

“No more turtle nonsense,” he added.

The bullish prediction comes as the Bitcoin price is attempting to revive its bullish momentum. Earlier today, the price of Bitcoin peaked at $63,790, according to data provided by cryptocurrency tracking site CoinGecko. However, it has since pared some of its gains, currently trading at $63,368.

Despite the fact that Bitcoin's price performance has been rather underwhelming after multiple failed attempts to surpass the $68,000 level, the leading cryptocurrency is still in a bull market, according to Ki Young Ju, founder and CEO of crypto analytics firm CryptoQuant.

“Everyone keeps talking about the bear market, but the周期图 is still in a bull market,” he said in a recent interview with Blockworks.

“The bear market starts when the price of Bitcoin drops by 80% from its all-time high. Currently, the price of Bitcoin has only dropped by 55%.”

Ju went on to add that the bear market will likely begin next year, and it could last for two years.

“The bear market will likely start next year and will continue for one to two years,” he said.

“During this time, the price of Bitcoin will likely drop by 80%.”

After bottoming out, the price of Bitcoin will then begin to recover, and it will eventually reach a new all-time high, Ju said.

“After bottoming out, the price of Bitcoin will then begin to recover, and it will eventually reach a new all-time high,” he said.

“This cycle will continue until the year 2032.”

Galaxy Digital CEO: BTC Price Could Hit $100K in 2023

According to Mike Novogratz, the head of Galaxy Digital, the leading cryptocurrency by market capitalization could end up reaching $100,000 this year.

However, for this to happen, Bitcoin would first need to reclaim the key level of $73,000, which has proven to be too difficult to crack so far.

“I think we’ll get to 73 (K), and then we’ll have a shot at 100 (K) this year,” said Novogratz in an interview with CNBC.

“I don’t think we’ll get to 140 (K) this year. Maybe next year if the world keeps going the way it is.”

Novogratz also discussed the recent market downturn, which saw Bitcoin and other cryptocurrencies lose a significant amount of value in a short period of time.

“The market was overheated, and it needed to cool off,” he said.

“The good news is that the market structure is still intact. Bitcoin is still in a bull market, and it’s likely to continue rising over the long term.”

Bitcoin Network Poised for Largest Negative Difficulty Adjustment in 9 Months

In other news, the Bitcoin network is now set to experience a substantial negative difficulty adjustment of around 6%, which could mark its worst negative difficulty adjustment since December 2022.

At the time, the market was nearing a bottom.

This time around, the capitulation of Bitcoin miners, driven by shrinking profit margins following the halving event, could also signal a potential trend reversal.