Altcoins
Is the Bitcoin and altcoin bull market over?
2h00 ▪ 3 minute read ▪ by Fenelon L.
The cryptocurrency market is going through a turbulent period, which calls into question the sustainability of the current rally. As the price of Bitcoin fluctuates, experts offer their nuanced perspectives on the future of the king of cryptocurrencies and altcoins.
An uncertain future trend for Bitcoin
Analysts outline different scenarios for the evolution of Bitcoin price. According to experienced investor Murad Mahmudov, if the price remains above $60,000, the four-year bull cycle could continue.
However, a global recession could push Bitcoin up to $30,000, depending on the macroeconomic environment.
Julio Moreno of CryptoQuant highlights the importance of the price level realized by short-term holders, located at $62,800. This critical threshold could offer support or lead to an 8-12% correction, bringing Bitcoin back to $60,000.
Veteran trader Peter Brandt warns of a break of supports at $60,000, which could push Bitcoin as high as $48,000. Market analyst Bob Loukas, for his part, predicts a consolidation phase similar to that of last summer, which requires patience on the part of investors.
Beware of altcoins and market sentiment
Regarding altcoins, Mechanism Capital co-founder Andrew Kang expresses doubts about the approval ability of altcoins Bitcoin ETFs to stimulate the entire market, especially Ethereum. While Bitcoin could benefit from renewed interest, the impact on Ether ETFs remains uncertain.
Analysts at Most Holy we observe a growing sense of fear among investors as the price of Bitcoin drops to $65,000. Paradoxically, if it persists, this panic could lead to a temporary rebound and a buying opportunity.
Reflexivity Research’s Will Clemente bets on summer consolidation, maintaining his major positions in Bitcoin. He expects a potential price increase in the fourth quarter, influenced by economic data and Fed actions.
The future of the Bitcoin and altcoin bull market remains uncertain, oscillating between major corrections and consolidation phases. His direction will largely depend on macroeconomic factors and trends in investor sentiment.
In this uncertain context, caution is advised, although some analysts see short-term opportunities. This summer promises to be a crucial period for cryptocurrency marketwhich will have to demonstrate its resilience in the face of economic and regulatory challenges.
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Fenelon L.
Passionate about Bitcoin, I want to explore the meanings of blockchain and cryptocurrencies and participate in 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 are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.