2024-7-9 23:25 |
While cryptocurrency prices have faltered in recent weeks, analysts are keeping their eyes peeled for the light at the end of the tunnel: a resurgence at the start of a fresh bull run.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell below the $60K mark at the head start of July, dragging several altcoins with it underwater. Shiba Inu (SHIB) declined by near-double digits, with AVAX, LINK, and DOT facing similar headwinds in recent days.
Despite the doom and gloom pervading the markets, several analysts are confident that a bull run could send global market capitalizations to dizzying new highs. Wizard Crypto, an analyst, took to X (formerly Twitter) to make predictions for the next bull run, claiming that BTC may trade at $150,000 at its peak.
His comments align with a recent prediction by Standard Chartered, which claimed that Bitcoin’s halving, interest from institutional investors, and approval of exchange-traded funds could send the asset to highs of $150K. Per the report, Standard Chartered noted that BTC can attain the feat before the end of 2024, setting the stage for a $250,000 price point by 2025.
“As we approach the US election, I expect $100K to be reached and then $150K by year-end in the case of a Trump victory,” said Geoffrey Kendrick, Standard Chartered’s digital assets research head.
Wizard Crypto predicted a correlation in BTC’s price with other cryptocurrencies, suggesting that a rise in fortunes will spillover to other assets in the ecosystem. In his predictions, Wizard Crypto stated that Ethereum (ETH) will more than double its present valuation to reach $10,000, while BNB will settle at $1,500.
Solana (SOL), buoyed by whispers of an ETF, is expected to reach a peak of $500 at the height of the bull run, according to Wizard Crypto’s predictions. Dogecoin (DOGE) is predicted to clinch the $3 mark, while FLOKI, XRP, and MATIC are expected to trade at $0.005, $3, and $8, respectively.
Perhaps the biggest gainer in Wizard Crypto’s prediction is Shiba Inu (SHIB), with the analyst touting the meme coin to gain as much as 1,600% in the next bull run cycle. Wizard Crypto opines that SHIB will trade at $0.003 by the end of the rally, a huge leap from its present levels of $0.00001.
A 1,600% leap for SHIB will translate to a market capitalization of $144 billion, which would put the meme coin back in the top 10 largest cryptocurrencies.
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