Bitcoin: what are analysts’ predictions?
Cryptocurrency Bitcoin: Analysts’ Forecasts for the Future
Bitcoin cryptocurrency has been attracting attention from investors worldwide for years, generating both excitement and uncertainty. The latest forecasts from analysts and traders point to potential dynamic changes in the valuation of Bitcoin and its impact on the cryptocurrency market as a whole.
Kevin Svenson Predicts Bitcoin to Rise Above $80,000 Before the Upcoming Halving
Analyst and trader Kevin Svenson forecasts that Bitcoin could reach a value exceeding $80,000 before the upcoming halving. He expects increased volatility as Bitcoin enters the fourth phase of its parabolic pattern with four stages. However, he also warns of potential short-term risks post-halving, including significant selling pressure that could temporarily push Bitcoin’s price below the previous peak.
Price Forecasts and Technical Analyses
Svenson uses Fibonacci analysis, proposing a price target for Bitcoin at $83,000. He predicts that the price may retrace to $48,000-49,000 before resuming an upward trend. He also cautions against potential selling pressure and the ‘sell-the-news’ phenomenon post-halving. Bitcoin’s halving will likely also impact altcoins due to reduced mining rewards.
Forecasts from Other Experts
Scott Melker agrees with the Standard Chartered Bank’s forecast, suggesting that Bitcoin could reach $100,000 by the end of 2024. The bank maintains its forecast of Bitcoin hitting $100,000 by the end of 2024, attributed to the approval of U.S. physically backed Bitcoin ETFs and increasing market dominance.
Forecasts from Various Sources
Analysts from DecenTrader, BitQuant, and Bloomberg present optimistic Bitcoin forecasts post-halving, including surpassing previous peaks with targets like $250,000 or $500,000. These forecasts are based on historical patterns, market dynamics, and the impact of halvings on Bitcoin’s valuation.
The upcoming months are expected to bring interesting developments in the cryptocurrency market, with investors eagerly following the events surrounding Bitcoin’s price and its influence on the entire industry.
