12 Bitcoin forecasts from a Spanish trader
Key facts:
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According to the trader, Bitcoin will reach $200,000.
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SantinoCripto provides price predictions for six other cryptocurrencies.
Seven days before the start of 2024, Spanish bitcoin (BTC) and cryptocurrency trader known online as SantinoCripto released 12 market forecasts. And he explained that he hopes they will be completed within the next 15 months, that is, between now and April 2025.
Without entering into disputes, trader he pointed What his first prediction is that Bitcoin reach $200,000 (U.S. DOLLAR). This will mark a new all-time high price (ATH) for the coin. Its highest peak so far was at $69,000 more than two years ago in November 2021, as the following TradingView chart shows.
While he did not elaborate on the reasons why he is predicting this new ATH for Bitcoin, he did mention two other predictions below that could lead to such a scenario. Both involve large institutions entering the market.
Firstly, this Tech giants such as Tesla, Microsoft, Apple are investing in spot Bitcoin exchange-traded funds (ETFs)., products that SantinoCripto expects approval this week. And the other one is for social network
In turn, other analysts expect Bitcoin to reach a new record high within months of the halving scheduled for April-May 2024. The reason for this forecast is that the market has always reached this milestone after such an event.
As CriptoNoticias Cryptopedia explains, a halving is a halving of the supply of Bitcoin that occurs approximately every 4 years. This event reduces supply in the market, causing prices to rise due to increased demand.
“Influencers will sell BTC for $100,000”
Unlike SantinoCripto, which predicts Bitcoin’s next ATH at $200,000, others see it at $100,000. This less pretentious theory is mainly based on the fact that it represents a psychologically strong round number for a market close to its most recent peak. Other forecasts of the Spanish trader are about the same.
SantinoCripto predicts that cryptocurrency influencers and analysts will sell BTC at $100,000, positioning themselves to shorts (down) and skipping the entire rise. And, like another projection, expect them to turn bullish again when the currency reaches US$160,000..
This topic highlights the importance of each investor doing their own research and not acting on outside comments. This way, you will avoid getting into unwanted scenarios by tying yourself to a set strategy that everyone feels comfortable with. And, as with any investment, it is important to do so while managing the risk of potential loss.
Where will altcoin prices go?
Given the bullish trend he foresees for Bitcoin, SantinoCrypto predicts that the currency’s market dominance will fall back to 40%. This forecast will signify the trading dynamics of altcoins (cryptocurrencies other than Bitcoin), leading to his next forecast.
Altseason is coming for the Spanish trader, a term used to describe a season in which 75% of the 50 most capitalized cryptocurrencies generate higher returns than Bitcoin. As part of this, he revealed the psychological price levels that he believes some major altcoins will reach.
Trust the price of ether (ETH) will reach $10,000, solana (SOL) – $900, Quant (QNT) – $1,200, Avalanche (AVAX) – $350, Chainlink (LINK) – $140 and Cardano (ADA) — 6 US dollars.
Cryptocurrency traders will show big profits
Expecting a strong bullish streak, SantinoCripto indicates that cryptocurrency investors will be posting photos of sports cars and mansions. And he says screenshots showing trades with more than $10 million in profits will go viral.
As a precaution, It is important to view displays of wealth on social media as “Red flag» (Red flag). This could be false or misleading content that has dangerous intentions behind it, e.g. fraud (fraud) or market manipulation.
According to SantinoCripto, when the price is in the maximum zone and all indicators point to “extreme overbought”, the “general public” will come into the market, but many will be selling. This, he said, would cause the “bubble to burst” and Bitcoin would return to a price of $50,000 or $60,000.
His final prediction is that there will be a market crash and fraud cryptocurrencies. He concludes by saying that this will allow you to see how “traders are losing millions of dollars while others are making it by positioning themselves in shorts“.
Regardless of whether a trader is correct in his or her predictions, it is important to remember that markets tend to go through boom and bust cycles to test support. This is why, after an uptrend like the one visualized by the Spanish trader, we should expect prices to decline, forming a “crypto winter.”