Bitcoin will hit $70,000 by year-end after shaking off weak hands, analyst says!

Analysts revealed that they believe the price of the cryptocurrency could soon rise as it paves the way for exponential growth in value in the future.

Bitcoin may be on the threshold of setting the stage for a major surge, but points out that BTC could fall back to the low $25,000s before the next phase of the rally.

The most substantial consolidation and gradual climb upward “usually occurs at the bottom of these explosive curves,” and users “should not expect such consolidation to occur once we start climbing toward $30,000, $40,000, or $50,000.”

Bitcoin may experience a period of consolidation in a narrow trading range over the next two months before surging to unprecedented highs.

Credible Crypto predicts that the next phase of the bull cycle should bring the flagship cryptocurrency into the $40,000 range. Once that target is reached, he said, “there will be virtually no obstacles that can stop us from setting new all-time highs.”

The analyst expects BTC to hit new all-time highs before 2024, which would mean the flagship cryptocurrency’s price would exceed $70,000 by the end of the year. To many, the recent drop that BTC has experienced is a healthy and necessary shakeout that clears out weak hands and over-leveraged traders, allowing BTC to rise in the near future.

Hayes expects another regional bank will soon face liquidity challenges as the Fed prepares to raise rates again, expressing skepticism about the central bank's planned 25 basis point rate hike. In his words, the Fed either doesn't "get it" or it does and is just "hoping and praying that the market is stupid." Either way, he believes the rate hikes "almost" guarantee that another non-(too big to fail) bank will fail.

He also pointed to First Republic Bank's loan portfolio, which he said was filled with "huge mortgages" granted to wealthy people at low interest rates, and whose value has fallen as interest rates have risen. Hayes speculated that the next bank that could fail would have a large number of illiquid, large commercial real estate loans.

The looming crisis within the banking industry could trigger macroeconomic turmoil, providing the impetus for Bitcoin to quickly climb to $1 million. Hayes has remained consistent in his predictions for Bitcoin to reach $1 million.