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Bitcoin Price Will Double This Year
Alex Dobnya
According to Fred Krueger, the price of the largest cryptocurrency by market cap could double this year
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According to Fred Krueger, a well-known Bitcoin proponent, the price of Bitcoin (BTC) could be on the track double between now and the end of the year. “Enough of the turtle nonsense,” he added.
This bullish forecast comes as the price of Bitcoin is attempting to revive its bullish momentum.
Earlier today, Bitcoin’s price peaked at $63,790, according to data from 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 action has been rather disappointing after multiple failed attempts to break above the $68,000 level, the leading cryptocurrency is still in a market on the riseaccording to Ki Young Ju, founder and CEO of crypto analytics firm CryptoQuant.
Galaxy Digital boss Mike Novogratz recently said that the top cryptocurrency by market cap could eventually break above $100,000 this year. However, it would first have to reclaim the fundamental $73,000. So far, that has proven too difficult to crack.
Is the market about to hit another low?
Meanwhile, the Bitcoin network is now on track to experience a significant decline of around 6%. This could be its most severe negative difficulty adjustment since December 2022. At that point, the market has bottomed out.
This time, the capitulation of Bitcoin miners, caused by the drop in profit margins after the halving event, could also signal a potential trend reversal.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.