Altcoins
Is the Bitcoin and Altcoin Bull Market Over?
2h00 ▪ 3 min reading ▪ by Fénelon L.
The cryptocurrency market is going through a period of turbulence, casting doubt on the sustainability of the current rise. As the price of Bitcoin fluctuates, experts offer their nuanced perspectives on the future of the king of cryptos and altcoins.
An uncertain future trend for Bitcoin
Analysts describe various scenarios for the evolution of Bitcoin Price. According to veteran investor Murad Mahmudov, if the price remains above $60,000, the four-year bull cycle could continue.
However, a global recession could push Bitcoin down to $30,000, depending on the macroeconomic backdrop.
Julio Moreno of CryptoQuant strong points the importance of the price level realized by short-term holders, located at $62,800. This critical threshold could either offer support or lead to an 8-12% correction, bringing Bitcoin back to $60,000.
Veteran trader Peter Brandt warns of a breakdown of supports at $60,000, which could send Bitcoin down to $48,000. Market analyst Bob Loukas, for his part, predicts a consolidation phase similar to last summer, calling for investor patience.
Watch out for altcoins and market sentiment
Regarding altcoins, Mechanism Capital co-founder Andrew Kang expresses doubts about the ability of the approval of Bitcoin ETF to stimulate the entire market, especially Ethereum. Although Bitcoin could benefit from renewed interest, the impact on Ether ETFs remains uncertain.
Analysts at Feeling There is a growing sense of fear among investors as the price of Bitcoin falls to $65,000. Paradoxically, this panic could lead to a temporary rebound and a buying opportunity if it persists.
Reflexivity Research’s Will Clemente is betting on a summer consolidation, retaining his top positions in Bitcoin. He forecasts a potential price rise in the fourth quarter, influenced by economic data and the Fed’s actions.
The future of the Bitcoin and altcoin bull market remains uncertain, oscillating between major corrections and consolidation phases. Its direction will largely depend on macroeconomic factors and the evolution of investor sentiment.
In this uncertain context, caution is required, even if some analysts see short-term opportunities. This summer promises to be a pivotal period for the crypto marketwhich will have to demonstrate its resilience in the face of economic and regulatory challenges.
Maximize your Cointribune experience with our “Read to Earn” program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning benefits.
Click here to join “Read to Earn” and turn your passion for crypto into rewards!
Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.