Bitcoin (BTC), the largest cryptocurrency on the market, has once again taken the lead in the cryptocurrency scene. However, this time it comes amid a sense of caution among investors due to macroeconomic data, especially from the United States.
Additionally, the resulting outflow is over $600 million from the primary market of the digital asset ecosystem mentioned By asset manager CoinShares, it raised concerns about possible price corrections soon.
Against this backdrop, renowned analysts and technical experts have come forward to share their insights and predictions about Bitcoin's future path.
Cryptocurrency experts warn of an imminent Bitcoin correction
Cryptocurrency analyst Timothy Peterson on social media mail On X (formerly Twitter), he highlights Bitcoin's dramatic 65% rise over the past six months. However, based on ten years of historical data, Peterson suggests a 90% probability that Bitcoin will see a 10-20% decline over the next 90 days, bringing the price of Bitcoin below the key threshold of $60,000.
On a more optimistic note, Peterson noted that there is also a two-thirds chance that Bitcoin will end the next three months at a rate 50% increase. This prediction places the average Bitcoin price path at $65,000, followed by $52,000, and potentially reaching $98,000 by October.
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These expectations are supported by technical analyst Rekt Capital pointing to Bitcoin tends to form clusters of price action near the high resistance range above $71,600. Historical patterns indicate that these rallies often precede downward moves, resulting in lower levels within the range.
In line with Peterson's analysis, this revision This would likely send Bitcoin's price down to around $56,000, similar to the previous correction observed after its all-time high of $73,700 in March.
Is BTC post-halving on track?
Reckitt Capital as well Confirms Bitcoin trades within its natural reaccumulation fund after the halving event. This reaccumulation phase typically begins a few weeks before the halving and ends with the breakout months later.
The analyst also shared that Bitcoin's current reaccumulation range is estimated to be between $60,000 and $70,000, with Price fluctuations Within this range. This stage aims To stabilize the price of Bitcoin, preparing it for the next phase of the cycle – the “parabolic phase”.
Rekt Capital notes that the reaccumulation phase could last several months, possibly up to 150 days. When you exit Reaccumulation zoneBitcoin is entering a parabolic uptrend characterized by accelerating growth.
Looking at the timeline, the market is now two months after the Bitcoin halving and the current price action is consistent with the previous 60-day post-halving periods.
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In short, given the scenarios presented by analysts, BTC is expected to remain within its established range, and perhaps see deeper corrections before embarking on an upward trajectory towards further price rises and potentially reaching all-time highs.
At the time of writing, Bitcoin has shown a rebound in the past hour, seeing a bullish rally after hitting Monday's low of $65,000. It is currently trading at $66,800.
Featured image of DALL-E, chart from TradingView.com