2024-6-18 11:00 |
Bitcoin (BTC), the largest cryptocurrency on the market, has again taken the lead in the crypto landscape. However, this time it comes with a sense of caution among investors triggered by macroeconomic data, particularly from the United States.
In addition, the resulting outflows of over $600 million from the primary market of the digital asset ecosystem, as reported by asset manager CoinShares, have raised concerns about potential price corrections shortly.
Against this backdrop, renowned analysts and technical experts have weighed in to share their insights and predictions on Bitcoin’s future trajectory.
Crypto Experts Warn Of Looming Bitcoin CorrectionCrypto analyst Timothy Peterson, in a social media post on X (formerly Twitter), highlights Bitcoin’s substantial 65% rise over the past six months. However, based on ten years of historical data, Peterson suggests a 90% probability that BTC will experience a 10-20% decline in the next 90 days, taking the BTC price below the key $60,000 threshold.
On a more optimistic note, Peterson noted that there is also a two-thirds chance that Bitcoin will finish the next three months with a 50% increase. This projection places the median Bitcoin price path at $65,000, followed by $52,000, and potentially reaching $98,000 by October.
Supporting these predictions, technical analyst Rekt Capital points out that Bitcoin tends to form clusters of price action near the resistance range high above $71,600. Historical patterns indicate that these clusters often precede downside moves, leading to lower levels within the range.
In line with Peterson’s analysis, this correction could potentially take Bitcoin’s price down to around $56,000, similar to the previous correction observed after its all-time high of $73,700 in March.
BTC’s Post-Halving Trajectory On Track?Rekt Capital further emphasizes that Bitcoin trades within its normal re-accumulation box following the Halving event. This re-accumulation phase typically begins a few weeks before the Halving and concludes with a breakout months afterward.
The analyst further shared that the current Re-Accumulation Range for Bitcoin is estimated to be between $60,000 and $70,000, with price fluctuations within this range. This phase aims to stabilize Bitcoin’s price, preparing it for the next cycle phase—the “Parabolic Phase.”
Rekt Capital suggests that the Re-Accumulation phase can last several months, potentially up to 150 days. Upon breaking out of the re-accumulation area, Bitcoin enters a parabolic uptrend characterized by accelerated growth.
Considering the timeline, the market is now two months after the Bitcoin Halving and the current price action aligns with previous 60-day post-Halving periods.
In summary, considering the scenarios presented by the analysts, BTC is anticipated to remain within its established range, possibly experiencing deeper corrections before embarking on an upward trajectory toward further price appreciation and the potential to reach new all-time highs.
At the time of writing, BTC has exhibited a recovery in the past hour, witnessing an upward spike after hitting a Monday low of $65,000. Presently, it is trading at $66,800.
Featured image from DALL-E, chart from TradingView.com
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