Bitcoin
Is This the End of Bitcoin, Altcoin Bull Market? Analyst speaks
The cryptocurrency market has experienced significant turmoil recently, raising questions about the longevity of the current Bitcoin and altcoin bull market.
Analysts and industry experts offer varied perspectives on the future of Bitcoin and altcoins, reflecting on market trends, macroeconomic factors and investor behavior.
Analyst Predictions on Bitcoin, Altcoins
Bitcoin Investor Murad Mahmudov highlighted two possible scenarios for the future of Bitcoin. He suggested that if the price remains above $60,000, the bull market could continue following the typical trend. four year cycle.
However, depending on macroeconomic conditions, a global recession could reduce the price of Bitcoin to $30,000.
Bitcoin price analysis. Source: Trading View
Likewise, Julio Moreno, Head of Research at CryptoQuant, pointed the high probability of Bitcoin reaching $60,000. He said Bitcoin is at a crucial price level, around the short-term holders’ realized price of $62,800.
This metric could provide support or lead to an 8% to 12% correction if the price falls below this level, potentially taking Bitcoin down to around $60,000.
From a technical perspective, commercial veteran Peter Brandt warned that breaking the $60,000 support levels could lead to further declines. He noted that a drop below $60,000 could see Bitcoin reach $48,000.
See more information: Bitcoin (BTC) Price Prediction for 2024/2025/2030
Meanwhile, market analyst Bob Loukas he picked up a more moderate stance, predicting a period of consolidation similar to that observed last summer. He emphasizes the possibility of a repeat pattern, suggesting that patience may be needed as the market stabilizes.
“The consolidation of last summer, visualized this summer. I’m not saying this will happen again, but it serves as a reminder of what is possible and the patience that may be required,” said Loukas.
Will Clemente, co-founder of Reflexivity Research, also anticipate a consolidation phase. He adjusted his investment strategy, keeping only the main holdings in Bitcoin and a few other positions.
Clemente believes that while Bitcoin may experience sideways movement over the summer, there is potential for higher prices in the fourth quarter, influenced by economic data and Federal Reserve actions.
Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, express Careful. He remains unsure whether the impulse generated by the Bitcoin Exchange Traded Fund (ETF) approval will extend to altcoins, especially Ethereum. Although Bitcoin may have a greater interest, he doubts the same for Ethereum ETF.
See more information: What is Altcoin Season? A comprehensive guide
Despite the pessimistic outlook, analysts at blockchain analytics firm Santiment observed current market sentiment. They see increased fear among investors as the price of Bitcoin drops to $65,000. If panic selling continues, this fear could lead to a temporary rally and a buying opportunity.
“Spikes in mentions of selling or taking profit are common after a dip, and a temporary rally and buying opportunity could form if we see continued FUD and panic on the part of small traders,” Santiment explained.
In short, the future of the Bitcoin and altcoin bull market is uncertain. Potential outcomes range from significant corrections to periods of consolidation. The direction will largely depend on macroeconomic factors and changes in investor sentiment.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.