A well-known cryptocurrency analyst and trader, going by the pseudonym Altcoin Sherpa, has suggested that Bitcoin (BTC) could potentially reach a six-figure price in the near future.

Altcoin Sherpa, who has a substantial following of 217,000 on the social media platform X, predicts that Bitcoin could surpass $100,000 “later this year,” representing a potential increase of at least 48% from its current value.

The analyst notes that Bitcoin is currently trading within a range of $56,000 to the all-time high price of around $73,600, dismissing fluctuations within this range as mere “noise.” Altcoin Sherpa emphasizes a bullish outlook on the higher time frames despite short-term choppy price movements.

In the latest update, Bitcoin is priced at $67,727, with Altcoin Sherpa highlighting the significance of the 200 exponential moving average (EMA) on the four-hour timeframe as a key indicator for Bitcoin’s price trend. The analyst explains that the EMA tends to act as support when the price is above it and resistance when below, with occasional brief periods where the price trades below it before bouncing back.

When it comes to altcoins, Altcoin Sherpa anticipates that their price movements will be closely tied to Bitcoin’s performance. Despite short-term challenges, the analyst believes that strong altcoins could experience a significant rally once Bitcoin surpasses its all-time high. The timing of this breakout is uncertain, but Altcoin Sherpa remains confident that Bitcoin will achieve this milestone within the next six months, potentially leading to a surge in altcoin prices.

As always, it’s important to exercise caution and conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where Altcoin Sherpa shared these insights, does not provide investment advice and encourages readers to make informed decisions while trading digital assets.