- Analysts predicted that Bitcoin’s price could reach $107K before a major sell-off, which could cause a fall to $50K.
- Regardless, analysts remained optimistic about Bitcoin’s long-term potential.
As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market fluctuations and analyst predictions. The recent price decline in Bitcoin, despite the optimistic long-term outlook from analysts like Mikybull Crypto and CryptoCon, leaves me feeling somewhat cautious but hopeful.
In spite of Bitcoin’s [BTC] recent price drop, analysts continue to express confidence in its future value. The current price is $63,986.45 with a trading volume of $25,273,209,651 over the last 24 hours.
In the previous day, there was a drop in price by 1.28%, whereas over the last week, there was a notable rise of 11.93% in price.
Analyst predictions
Mikybull, who posts on X (previously known as Twitter), pointed out that based on Bitcoin’s more reserved parabolic growth trend, its potential peak prior to the significant correction was around $107,000.
He stated,
“Instead of relying on emotions, I strictly adhere to the instructions given in the chart, even if I’m unsure how events will unfold.”
CryptoCon, another analyst, noted,
Despite the persisting indications of faster Bitcoin cycle recurrences, I deeply yearn for the return of the original timeline. The consistent four-year patterns have prevailed since its inception, with each cycle lasting precisely 208 weeks.
During his analysis at CryptoCon, it came to light that the peak in March 2024 represented an unexpected departure from the norm, leading to a lessened high in June. Nevertheless, he remained convinced that the underlying long-term trend patterns would remain intact.
The analyst underscored the possibility that Bitcoin’s price movement could conform to past trends based on BitTime and The Halving Cycles Theory. According to these models, Bitcoin may reach its initial peak in June 2025 and attain its final high in December 2025.
He noted,
“As much as I love the Halving Cycles Theory, I am prepared for anything.”
Bitcoin technical analysis
Examining the 1-day chart of Bitcoin versus US Dollar Tether on TradingView according to AMBCrypto’s analysis, it was observed that the moving average of 9 days was serving as a support level, holding the price around $61,891.7 at the current moment.
Based on the latest price hike since the mid-June minimum, there’s a possibility that the uptrend will persist further.
Bitcoin’s price moving above the 9-day MA indicated positive short-term momentum.
The MACD indicator signaled a bullish trend as the MACD line surpassed the signal line, amplifying the sense of an uptrend.
The histogram’s positive area reinforced the optimistic viewpoint, implying that buying activity may persist, possibly leading to price increases.
Currently, the RSI reading for Bitcoin is 58.19 as of the latest report, indicating a neutral position yet approaching overbought conditions.
Based on my extensive experience as a seasoned trader, I believe this asset presents an excellent opportunity for further growth. However, it’s crucial to keep a keen eye out for potential overbought conditions. Overbuying refers to a situation where an asset is being bought more aggressively than what can be justified by its fundamentals. This imbalance can lead to a correction or even a sharp downturn in the market price. As someone who has faced the consequences of ignoring such signs, I cannot stress enough the importance of staying vigilant and taking calculated risks.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Decline in network activity
Currently, the number of actively used addresses has decreased significantly from over half a million in January to approximately 243,000 as of now.
During this time frame, there was a significant drop in the number of transactions from around 1.1 million to roughly 796,000. This decline implies reduced involvement and action on the Bitcoin network.
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2024-07-19 19:04