Bitcoin
Crypto Experts Provide Exciting Bitcoin Price Predictions
Bitcoin price has remained in a tight range for the past few weeks. It reached a peak of $71,935 last week, where it encountered substantial resistance. Bitcoin it was trading at $68,000 on Thursday, down about 8% below its highest point this year.
Analysts are optimistic about Bitcoin
Cryptocurrency experts are increasingly optimistic about Bitcoin prices. In April, Ark Invest’s Cathie Wood raised her long-term price target to $3.8 million, making her one of the most bullish investment professionals in the industry.
More recently, Michael Novogratz, the billionaire founder of Galaxy Digital, said that Bitcoin will end the year at a more reasonable $100,000.
In an X post, another crypto expert named CryptoCon noted that the coin will end the year at $91,539.
Rich Dad Poor Dad’s Robert Kiyosaki noted that Bitcoin would rise to $350,000 by the end of next summer.
BITCOIN will cost $350,000 by August 25, 2024, that’s no lie. It’s a prediction. It’s speculation, it’s opinion, but it’s not a lie. It’s a stupid bait, but it’s not a lie because any prediction about the future is not a lie. I want $350,000 BITCOIN to be a fact, and I want it…
-Robert Kiyosaki (@theRealKiyosaki) June 5, 2024
The bullish case for Bitcoin
Analysts have mainly identified several bullish catalysts for Bitcoin. First, more institutions are buying Bitcoin, as evidenced by the performance of spot Bitcoin ETFs. These funds now hold more than 880,000 coins valued at more than $60 billion. MicroStrategy is also looking to add more Bitcoins.
Secondly, Bitcoin supply growth has stagnated due to the recent halving. Most Bitcoin mining companies have reported a sharp drop in production. CleanSpark extracted 417 coins in May, down from 721 in April.
Similarly, Riot Platforms mined 215 coins in May below 375 in April, while Marathon Digital produced 616 coins, down from 850 in April.
At the same time, Bitcoin exchange balances continued to fall in recent months. Therefore, a combination of rising demand and falling supply is a sign that the currency may continue to rise.
Third, the regulatory environment has become clearer in the United States, a move that could prompt large banks like JPMorgan and Goldman Sachs to begin offering custody solutions.
Furthermore, Bitcoin appears to be a better currency than the US dollar as its supply increases and US public debt explodes. Unlike USD, which has one node and unlimited supply, Bitcoin is a decentralized network with a maximum supply limit of 21 million.
Bitcoin Price Prediction
BTC Daily Chart
Bitcoin’s daily chart is sending mixed signals. On the positive side, it has consistently remained above the 50- and 100-day exponential moving averages (EMA). It has also formed what appears to be an inverse head and shoulders pattern, a popular bullish signal. This pattern means the token will have a bullish breakout, possibly to $80,000, if it breaks its year-to-date high.
On the other hand, Bitcoin formed a small double top pattern at $72,000. In price action analysis, this is one of the most popular bearish signals in the market. A volume-supported drop below its neckline at $66,672 will point to further downside to $60,800 (March 20 low)