The value of Bitcoin surged to $69,900 following the release of inflation data but then dropped, first to $68,000 and subsequently to $66,300 after the Federal Reserve's interest rate decision. Amidst these market fluctuations, forecasts from analysts regarding Bitcoin's price have attracted significant attention.

Bitcoin's Value in Turkish Lira

A prominent cryptocurrency analyst has projected that Bitcoin (BTC) could reach six-figure prices in the short to medium term. Altcoin Sherpa, a renowned cryptocurrency analyst and trader, has made bold statements suggesting that Bitcoin could surpass $100,000 'by the end of this year,' potentially indicating a 48% gain from its current value. According to Altcoin Sherpa, Bitcoin, as the dominant market player, sees buyer interest between $56,000 and its all-time high of $73,600.

The price range of $56,000 to $73,600 is considered minor fluctuations. The market trends show strong uptrends on higher timeframes and downtrends on lower timeframes.

At the time of writing, Bitcoin is trading at $66,632, indicating a 2.13% drop in the past 24 hours. In the BTC/TRY pair, the price stands at 2,152,000 Turkish Lira.

Analyst's Bitcoin Prediction

Altcoin Sherpa emphasized the significance of the 200 exponential moving average (EMA) on the four-hour timeframe for determining BTC's price trajectory.

Typically, the EMA acts as a support level when the price is above it and as resistance when below. It often trades below after a brief support phase (as observed on March 20 and April 2). My focus is on this timeframe, expecting a rebound.

Sherpa also shared thoughts on alternative coins, suggesting that their price movements will mirror those of Bitcoin.

Despite short-term uncertainties, robust alternative coins are likely to see significant increases once Bitcoin surpasses its peak. While the timing remains uncertain, I am confident that BTC will achieve this within the next six months. When alternative coins rally, the strongest performers, potentially including meme coins, will experience the most significant movements.

This article first appeared on COINTURK NEWS.