10 Predictions for Bitcoin Price from 10 Analysts: The Date Made!

In the current state of the cryptocurrency market, there seems to be some light at the end of the tunnel for investors. Bitcoin price is now retesting its key 200-week moving average after holding it as support since March. Analysts share their predictions of what investors can expect going forward

Bitcoin price approaches the $30,000 breakout

Popular analyst Michael van de Poppe advises investors to keep an eye on the $26,800 level as an entry point. BTC price must stay above the $27,800 support to confirm a trend reversal. Besides, it is important for it to break the $29,200 level.

The reason behind Bitcoin’s drop to $26,000

As you follow on Kriptokoin.com, sharp market fluctuations are not uncommon in the crypto world. Such was the case yesterday when Glassnode, a blockchain analytics platform, reported that $120 million worth of Bitcoin was released in a single day. Compared to Bitcoin’s total market cap, this is not a huge amount. However, the selling pressure came mainly from Binance whales. This is likely to have significant effects on the overall market.

Source: Glassnode

Binance is one of the largest cryptocurrency exchanges in the world. There is a significant number of high-net-worth individuals who trade large volumes of crypto among exchange users. The start of Binance whales abandoning Bitcoin is likely to have a ripple effect on the rest of the market. According to Glassnode, most of the selling pressure that led to yesterday’s drop in Bitcoin’s price came from Binance whales.

One of the main concerns raised by this news is the illiquidity of the Bitcoin market. On a grand scale, $120 million isn’t a huge amount. On the other hand, the Bitcoin market is relatively small compared to traditional assets such as stocks and bonds. As a result, it is possible for even a relatively small sell-off to lead to aggressive moves in Bitcoin price. This is especially true in a market that is already volatile.

BTC/USD 1-hour chart on Binance | Source: TradingView

Bitcoin price will reach the ATH level during this time!

James Mullarney, host of the popular YouTube channel “InvestAnswers”, predicts that the Bitcoin price will potentially reach a record high by June 2024. He suggests that this will also be due to the explosion of BTC before the halving.

The analyst states that Bitcoin historically took about three years to recover after each cycle and surpass previous highs. He backs up his prediction by making use of historical cycles. While it has been 545 days since Bitcoin reached its all-time high, the analyst estimates that there are about 415 days to the next peak.

However, Mullarney warns that there may be price fluctuations before Bitcoin reaches the ATH level. It refers to previous cycles where the cryptocurrency retested market bottoms. However, he highlights Bitcoin’s outstanding performance in the current cycle, attributing it to factors such as improved speed and a better understanding of Bitcoin’s value as a store of wealth.

BTC has a potential 50% drop ahead!

According to crypto analyst GVRCALLS, if the Bitcoin market experiences consecutive red closes today and tomorrow, traders need to brace themselves for a turbulent month ahead. The analyst predicts a potential drop of up to 50% from current prices in the crypto market. For Bitcoin in particular, the analyst expects BTC to hit lows between $24,000 and $25,000 if today’s daily candle ends in red. However, the analyst also talks about the possibility of a reversal that will push BTC towards $31,000.

Pay attention to the ‘Head and Shoulders’ formation!

Analyst Peter Brandt highlights the importance of a completed ‘head and shoulders’ formation in the higher timeframe. He warns that if such a formation is confirmed, it could trigger a significant sell-off not only in Bitcoin, but also in the entire altcoin market, which is heavily dependent on BTC’s performance.

Bitcoin price analysis: “Welcome to Bearradise!”

There are encouraging macroeconomic conditions for risk assets. Despite this, Bitcoin was unable to tap into its earning potential as bid liquidity plummeted. “Welcome to bear paradise,” summed up the on-chain tracking resource Material Indicators. A chart he shared a day ago showed that the main buying support is currently around $25,750, as BTC depletes more liquidity overnight.

BTC order book data (Binance) / Source: Material Indicators

On the daily timeframes, concerns among market participants centered on whether BTC will now stay lower after three local tops. Currently this “head and shoulders pattern” on the chart would set a negative precedent if confirmed. Accordingly, financial commentator Tedtalksmacro said, “We cannot let the Bitcoin ‘head and shoulders’ crowd win. Over $27,000, things are going to get very interesting…” he says.

BTC “head and shoulders” pattern explanatory chart / Source: Tedtalksmacro/ Twitter

Meanwhile, trader and analyst Mustache says it’s high time to retest the 200-week key moving average (WMA). According to the analyst, the 200 WMA, a “make-or-break level”, has been acting as support since mid-March.

Meanwhile, many traders are already predicting a pullback to $25,000 or lower.

Among them is the nominally bullish Jelle, who admitted that he could make a “final stab” at the $25,000 mark before Bitcoin reverses on the day. The analyst states that the Relative Strength Index (RSI) data does not serve the sellers well in the lower timeframes. In this context, the analyst said, “Bitcoin has headed straight for support. The next main area of ​​interest is around 24-25 thousand. RSI fails to push the extremes. This shows that sellers are running out. A final move to $25,000 bought quickly would make sense,” he says.

4-hour chart of BTC with RSI / Source Jelle / Twitter

Longs get bolder as Bitcoin price drops

Analyst Philip Swift, creator of LookIntoBitcoin, is more confident that the worst losses will end soon. The analyst states that while the price is falling, the long/short ratio differs and long positions are now common.

Meanwhile, Coinglass data shows that the long/short ratio is 58.7% long at the time of writing.

BTC long/short ratio chart / Source Coinglass