Following recent records for Bitcoin, a cryptocurrency analyst has made a statement about the continuation of the uptrend.
Bitcoin, the world's largest cryptocurrency, hit a new record high today, surging to $89,604 on a sudden surge.
currently, BTC is trading at $88,777 , up nearly 10% over the past 24 hours. However, the market has also seen strong volatility, leading to large liquidations in both long and short positions .
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Over the past 24 hours , the total value of liquidations in the crypto market reached $571 million , with $206 million in long positions and $365 million in short positions.
So what do analysts predict after this surge? Rekt Capital , one of the prominent analysts, shared his expectations after the record price was set.
According to his analysis, if BTC repeats the 2020 rally , the price of BTC could reach $96,500 by the end of this year.
He also pointed out that BTC price surges usually occur after each halving, when the Bitcoin mining reward is cut in half.
Rekt Capital said the post-halving rally typically reaches a new ATH after about 214 days , while it has only been about 205 days since the last halving.
Rekt Capital said that this new record, which came nine days earlier than expected, suggests there are about nine days of growth momentum left in the current cycle.