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With the total market cap down about 30% from its March 2024 record of $2.89 trillion, the cryptocurrency market is reaching a turning point.
Investors are concerned because the market cap as of September 8, 2024 is $1.93 trillion. However, the latest Bitcoin price predictions indicate that it is expected to rise by 83.70% in the next three months, indicating a possible comeback.
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Despite Bitcoin The cryptocurrency has lost a quarter of its value from its all-time high of $74,000, and analysts like Alan Santana believe a major comeback is imminent.
Latest Bitcoin Price Prediction On the other hand, forecasts published by CoinCheckup show that Bitcoin will rise by 80% in the next three months, thus it may also reflect its potential return.
Santana said Bitcoin is now trading at $54,320, down 25% from its peak of $74,000, but is set for a sharp recovery.
🅱️When Will Bitcoin Hit $100K? All Time High & More (The Greatest Cryptocurrency Analysis On Earth!) #Bitcoin
Bitcoin will reach $100,000 in 2025… I will explain in detail how everything will develop in a few minutes.
How are you feeling on this beautiful Saturday/Sunday? pic.twitter.com/xNaZSBOfKx
– Alan Santana (@ lamatrades1111) September 8, 2024
Santana believes that Bitcoin could hit $100,000 by 2025. The ongoing correction doesn’t stop the analyst from being very optimistic about the long-term prospects of the most valuable cryptocurrency.
At the same time, he warned that this downtrend is not over yet, and investors should expect some turbulence before seeing a more sustainable uptrend.
Market sentiment and short-term outlook
The latest forecast shows that Bitcoin is currently worth 44% less than its estimated value for the next month. However, the next seven days are expected to witness a short-term bullish trend. Bitcoin is expected to rise by 83% over three months, showing signs of recovery from its recent weak performance.
Santana believes that although Bitcoin’s price movement will not be rapid, it will stabilize the market after surviving the volatility and fluctuations.
Bitcoin is expected to move relatively slowly through the rest of 2024, which should give altcoins room to start outperforming Bitcoin in the meantime. However, altcoins could also offer greater returns for investors looking beyond Bitcoin’s gradual recovery once the market enters an accumulation phase later in the year.
Are other currencies superior to Bitcoin?
Although Bitcoin may remain the number one cryptocurrency, some altcoins like Ethereum may shine in the not-too-distant future. However, there is a good chance of an upside if market conditions move in its favor.
This could open a window of opportunity for other cryptocurrencies that may outperform Bitcoin as investors begin to diversify their portfolios.
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Long-Term Outlook: Slow Rise to $100K
The long-term forecast for Bitcoin points to a continued acceleration in growth. The forecast calls for 91% increase in six monthsSo, in early March or April 2025, Bitcoin could hit $100,000.
According to Santana, this is not an overnight jump, but an upward trend due to improving market conditions and institutional interest.
The price is likely to reach an all-time high by late 2025 at a level between $150,000 and $220,000, depending on factors including inflation and market sentiment.
Although the long-term outlook is positive, Santana urges caution regarding activity in the near future, as volatility remains high and the current market downturn has not yet run its full course.
Featured image by Pexels, chart by TradingView