Bitcoin (CRYPTO: BTC) has rallied 165% on a year-to-date basis, driven by optimism surrounding a spot Bitcoin ETF approval and macroeconomic factors. With a rally of triple digits for the year, let’s take a look at what popular crypto analysts have to say about the near-term and long-term.
Popular crypto analyst CrediBULL Crypto is particularly bullish on Bitcoin and on Friday predicted that its price will break above $50,000 “by next week.”
30M in $BTC spot bids popped up right below price.
They said forget the sweep, pamp it.
Sweep or no sweep, think we probs tag 50k’s by next week. $BTC https://t.co/QWsZCFKuyA pic.twitter.com/34vVyp00Vc
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
On Monday, when BTC broke above $44,000, CrediBull Crypto pointed out that active market buyers did not drive this move up but rather a combo of passive limit buyers and short squeezes.
Another crypto analyst, Skew, tweeted that Friday’s bids for Bitcoin were filled despite a decrease in Open Interest on exchanges, indicating strong demand for Bitcoin.
$BTC Binance Spot
Bids sold into and filled it seems
Decent OI wipe here (Binance / Bybit Open Interest & Delta) https://t.co/DkWuLfD5gx pic.twitter.com/0CfnxCzL41
— Skew Δ (@52kskew) December 8, 2023
Meanwhile, CryptoQuant’s Head of Research Julio Moreno, pointed to indicators suggesting that Bitcoin’s price is reaching excessively high levels.
“Some metrics are flagging Bitcoin, price is overheating after the recent rally above $40K (red areas). The Bull-Bear Market Cycle Indicator: overheated bull phase for the first time since July,” he stated.
Crypto analyst, CryptoCon took to X and highlighted that money is pouring into Bitcoin at a rate not seen since the last cycle top, and only five other times in history. He sees Bitcoin potentially reaching $47,000 to $48,000 soon, followed by a prolonged consolidation period.
CryptoCon stated that the cycle top is still scheduled for December 2025, with most data points aligning at $130k. However, he adds that at this point in the cycle, “what comes up usually comes back down!”
If a pullback occurs, he considers $31,000 to $32,000 as an area of interest after the completion of the rally.
Price Action: At the time of publication, Bitcoin was up 2.5% to $44,394 over the past 24 hours.
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