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While Bitcoin price has slipped by more than 8.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 as of Aug. 2, some analysts anticipate that it can rise by another 100%.
Nunya Bizniz, an independent market analyst, posted the bullish setup on Sunday, noting that each of the cryptocurrency’s previous 10-day bull runs has ended up doubling its prices at a later stage.
Therefore, if the history repeats or rhymes, Bitcoin price can go up by more than 100% in the next 30-60 days.
“Both tops occurred in November and December, respectively, which could insinuate that the trigger for bear markets has more to do with taxes,” explained Santos-Alborna, adding that $88,000-$150,000 is a “more realistic” upside target for Bitcoin in 2021.
In other trending Crypto News today: Eth2 Will Help Ethereum Outpace Bitcoin, Pantera Capital CEO Predicts!
Amid the looming Ethereum London hard fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether (ETH) outpace Bitcoin (BTC) as the largest cryptocurrency.
Despite predicting a brighter future for Ether, Morehead is still optimistic about Bitcoin’s growth in the future. The CEO reportedly predicted that Bitcoin would trade between $80,000 and $90,000 by the end of 2021, rising above $120,000 within a year. Surging mainstream adoption could further drive Bitcoin’s price to as high as $700,000 in the next decade, Morehead noted.
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