The cryptocurrency market has experienced significant turbulence recently. This has raised questions about the longevity of the current Bitcoin and altcoin bull market. Analysts and industry insiders offer various perspectives on the future of Bitcoin and altcoins, reflecting on market trends, macroeconomic factors, and investor behavior.
Analysts’ predictions about Bitcoin and altcoins
Bitcoin investor Murad Mahmudov points out two possible scenarios for the future of Bitcoin. He suggests that if the price remains above $60,000, the bull market will continue following the typical four-year cycle. However, depending on macroeconomic conditions, it is possible that a global recession could send Bitcoin as low as $30,000.
Likewise, CryptoQuant Research Manager Julio Moreno also talks about the possibility of Bitcoin falling to $60,000. Moreno says short-term holders of Bitcoin are at a crucial price level around the realized price of $62,800. This metric will either provide support or cause the price to decline further. If it falls, it is likely to lead to an 8% to 12% correction, pushing Bitcoin to around $60,000.
Legendary analyst warns 48 thousand dollars for Bitcoin!
Looking from a technical perspective, legendary analyst Peter Brandt draws attention to the $60,000 support level. Brandt warns that exceeding this level will lead to further declines. The analyst predicts that Bitcoin will fall to $48,000 if it falls below $60,000.
More consolidation?
Meanwhile, market analyst Bob Loukas takes a more moderate stance. The analyst predicts a period of consolidation similar to that observed last summer. Emphasizing the possibility of a repeating pattern, Loukas suggests that patience may be needed while the market stabilizes. In this context, the analyst makes the following assessment:
Last summer’s consolidation was visualized this summer. I’m not saying this will happen again, but it is a reminder of what is possible and the patience that may be needed.
Will Clemente, co-founder of Reflexivity Research, also expects a phase of consolidation. He has changed his investment strategy, holding only core Bitcoin holdings and a few other positions. Clemente predicts that Bitcoin will experience a sideways movement throughout the summer. However, he believes there is potential for higher prices in the fourth quarter, influenced by economic data and Fed actions.
What is the situation on the altcoin front?
Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, speaks cautiously. cryptokoin.comAs you follow from , Bitcoin ETF approval has created momentum. The analyst is unsure whether this momentum will spread to altcoins, especially Ethereum. While interest in Bitcoin may increase, he doubts the same will be true for Ethereum ETFs.
Despite the pessimistic outlook, analysts at blockchain analysis firm Santiment note current market sentiment. They are observing increasing fear among investors as the price of Bitcoin drops to $65,000. If panic selling continues, this fear could lead to a temporary bounce and a buying opportunity. In this regard, Santiment analysts share the following assessment:
Spikes in promises to sell or take profits after a decline are common, and if we see continued FUD and panic from small traders, a temporary bounce and buying opportunity may occur.
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