As we enter a new week, new Bitcoin analysis draws attention. Many investors are wondering how the biggest cryptocurrency will act. Here are professional analysts’ comments on BTC…
What’s next for Bitcoin?
The world’s largest cryptocurrency Bitcoin (BTC) experienced some volatility throughout the month of April. However, it faced extreme resistance at $30,000. On Sunday, BTC made another attempt to surpass $30,000. However, it soon faced strong selling pressure. Currently, Bitcoin is changing hands at $28,566, down 2%. It is trading at a market cap of $553 billion. It looks like BTC is ending the month on a pretty flat note. But it has the potential to leap to new heights over the next year.
So far, Bitcoin (BTC) price has been trading with gains of more than 75 percent since the start of 2023. Bloomberg’s data, citing historical trends, shows that over the past decade, Bitcoin has seen an average increase of 260 percent the following year, after a four-month gain. This will push the Bitcoin price above $100,000.
CMC Invest head: Crypto will continue to trade well
Bitcoin has managed to overcome major macro events and the banking crisis this year. It acts as a real safeguard against the traditional financial system. On the other hand, the countdown has begun for Bitcoin’s halving. This will happen tentatively after about a year. If history is a lesson, the rally in Bitcoin price should continue until the halving event and the next. Speaking to Bloomberg, Christopher Forbes, head of CMC Invest Singapore, said:
The biggest thing for crypto is that it is a lightning rod for liquidity. As liquidity returns to the market, which is returning and we’re seeing it, I think crypto will continue to trade well.
Standard Chartered: Bitcoin could reach $100,000
After Bitcoin’s strong recovery and resilience to global macro events, analysts expect Bitcoin (BTC) prices to rise in the coming year. Analysts at Standard Chartered last week also stated that they expect the BTC price to reach $100,000 by the end of 2024. The uptrend was a big factor surrounding the Bitcoin halving event next year.
“The recent banking industry crisis has helped re-establish Bitcoin’s core use case as a decentralized, reliable and rare crypto asset,” said Geoff Kendrick, head of crypto and EM FX West research at Standard Chartered. Similarly, BCA Research stated that Bitcoin could replace gold as a long-term storage value. Even if Bitcoin (BTC) approaches 25 percent of the market cap of gold, its price will skyrocket to $160,000. On the other hand, if 1 percent of the bond market value of gold were transferred to Bitcoin, it would increase the price of BTC to $ 185,000.
Justin Bennett: Cryptocurrency will rise above $30,000
On the other hand, according to analyst Justin Bennett, Bitcoin is about to cause losses for both bullish and bearish investors in the near future. Justin Bennett, who has a large following on Twitter, made various comments. He believes there are a significant number of short positions for Bitcoin above the $30,000 level. He states that Bitcoin could briefly rise above $30,000 to clear short positions. He thinks that it can drop as low as $26,800 after BTC.
Bennett also shared a map showing that many Bitcoin bulls are taking long positions around the $26,000 level. Despite Bitcoin’s recent recovery, Bennett says the combined market cap of all cryptocurrencies is still below the critical level of $1.18 trillion. He notes that this also shows that the broader crypto-asset market is still struggling.
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