The Bitcoin market has been following a volatile trend lately. After rising above $70,000 at the end of May, prices dropped suddenly to $69,000. This situation caused experts and investors to reveal their different views on the future of the cryptocurrency market. Here is the critical Bitcoin prediction and analysts’ statements
The new Bitcoin prediction attracted attention: Will it be 110 thousand dollars?
Macro strategist Henrik Zeberg predicts that the Bitcoin price will reach the $110,000-$115,000 range in the third quarter of the year, an increase of up to 64%. Zeberg emphasizes that he expects an upward movement after the current horizontal course. He expects Bitcoin to surpass $105,000 between August and October and reach the $110,000 target range by the end of the year. He thinks this rise may be in line with weaknesses in global markets and a US economic recession that could potentially start in the last quarter of 2024.
The fact that the last upward attempt was short-lived and the price of Bitcoin fell to around $ 68,000 made investors nervous. The exact reason for this decline is unknown, but the bankrupt Mt. It is thought that the $7 billion Bitcoin movement from the Gox exchange affected the market. It is also important that some analysts emphasize that the correction may have a positive effect by reducing excessive leverage in the market.
Il Capo also made a statement
Popular trader Jelle states that the Bitcoin price is in a consolidation phase despite the loss of upward momentum on monthly time frames. From a broader perspective, he states that Bitcoin has been moving in an ascending channel since mid-2017 and does not expect this structure to change anytime soon. It is predicted that a move towards the upper limit of this channel could push the Bitcoin price above $100,000.
il Capo said that he described this decline as a shake-up and expected the bull trend to continue. He also added that the $69,000 level should hold and if the bull scenario continues, he expects a climb to the $74,000 – $76,000 region. cryptokoin.com As we reported, the reasons for the decline include Mt. Gox exchange Bitcoin transfers and low volume market conditions
Although the Bitcoin market is looking for an upward break in the short term, the resistance encountered and recent volatility are points that investors should follow carefully. Experts are trying to guide investors by evaluating different scenarios. Time will tell which direction the market will move in the coming period, but analysts’ opinions can play an important role in investment decisions.
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