Altcoins
Is this the end of Bitcoin and the Altcoin bull market? The analyst speaks
The cryptocurrency market has recently experienced significant turbulence, raising questions about the longevity of the current Bitcoin and altcoin bull market.
Analysts and industry insiders offer different perspectives on the future of Bitcoin and altcoins, reflecting on market trends, macroeconomic factors and investor behavior.
Analyst Predictions on Bitcoin and 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 to follow the typical pace four-year cycle.
However, depending on macroeconomic conditions, a global recession could cause the price of Bitcoin to drop to as low as $30,000.
Bitcoin price analysis. Source: TradingView
Likewise, Julio Moreno, head of research at CryptoQuant, he underlined 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 parameter could provide support or lead to an 8% to 12% correction if the price falls below this level, potentially taking Bitcoin to around $60,000.
On the technical side, trading veteran Peter Brandt warned that breaking above the $60,000 support levels could lead to further declines. He noted that a drop below $60,000 could see Bitcoin reach $48,000.
To know more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Meanwhile, market analyst Bob Loukas taken a more moderate attitude, which envisages a period of consolidation similar to that observed last summer. He highlights the possibility of a repeating pattern, suggesting patience may be needed as the market stabilizes.
“Last summer’s consolidation, visualized this summer. I’m not saying it will happen again, but it serves as a reminder of what is possible and the patience that may be needed,” Loukas said.
Also Will Clemente, co-founder of Reflexivity Research anticipates a consolidation phase. He changed his investment strategy, maintaining only core holdings in Bitcoin and some other positions.
Clemente believes that while Bitcoin may move sideways over the summer, there is potential for a price increase in the fourth quarter, influenced by economic data and Federal Reserve actions.
Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, expressed Attention. It remains uncertain whether the momentum generated by Bitcoin Exchange Traded Fund (ETF) the approval will extend to altcoins, especially Ethereum. While Bitcoin may see increased interest, it is doubtful that the same will be true for Ethereum ETF.
To know more: What is Altcoin Season? A complete guide
Despite the pessimistic outlook, analysts at blockchain analytics firm Santiment noticed the current market sentiment. They observe an increase in 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 selling or profit-taking mentions are common after a dip, and a temporary rebound and buying opportunity could form if we see continued FUD and panic from small traders,” Santiment explained.
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 changes in investor sentiment.
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