Altcoins
Is this the end of the Bitcoin and Altcoin bull market? An analyst speaks
The cryptocurrency market has seen significant turmoil recently, raising questions about the longevity of the current bull market in Bitcoin and altcoins.
Analysts and industry insiders 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 Underlines two possible scenarios for the future of Bitcoin. He suggested that if the price remains above $60,000, the bull market could continue to follow the usual course. four-year cycle.
However, depending on macroeconomic conditions, a global recession could push the price of Bitcoin down to $30,000.
Bitcoin price analysis. Source: Trading View
Likewise, Julio Moreno, head of research at CryptoQuant, underlines the high probability of Bitcoin reaching $60,000. He said Bitcoin is at a crucial price level, around the price realized by short-term holders of $62,800.
This move could either provide support or lead to an 8% to 12% correction if the price falls below this level, potentially taking Bitcoin back to around $60,000.
From a technical perspective, trading 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.
Learn more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Meanwhile, market analyst Bob Loukas took a more moderate position, predicting a period of consolidation similar to that observed last summer. He highlights the possibility of a repeat trend, suggesting that patience may be required as the market stabilizes.
“The consolidation of last summer, visualized this summer. I’m not saying it’s going to be repeated, but it reminds us of what’s possible and the patience that might be needed,” Loukas said.
Will Clemente, co-founder of Reflexivity Research, also anticipates a consolidation phase. He adjusted his investment strategy, retaining only major Bitcoin holdings and a few other positions.
Clemente believes that while Bitcoin could see sideways movement over the summer, there is potential for higher prices in the fourth quarter, influenced by economic data and actions by the Federal Reserve.
Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, Express caution. It is still unclear whether the momentum generated by Bitcoin Exchange Traded Fund (ETF) the approval will extend to altcoins, particularly Ethereum. Although Bitcoin could attract increased interest, he also doubts it for Ethereum ETF.
Learn more: What is Altcoin Season? A complete guide
Despite the pessimistic outlook, analysts at blockchain analytics firm Santiment note current market sentiment. They observe increased fear among investors as the price of Bitcoin drops to $65,000. If panic selling continues, this fear could lead to a temporary rebound and a buying opportunity.
“Spikes in mentions of selling or taking profits are common after a decline, and a temporary rebound and buying opportunity may form if we see continued FUD and panic from small traders,” explained Santiment.
In summary, 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 the evolution of investor sentiment.
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