Bitcoins‘ price, being the pioneer of cryptocurrencies, remains a subject of intense discussion among analysts. Lately, drops in the price have sparked debates anew. Some professionals caution of a possible slide, while others view these dips as promising chances to buy.
After a strong surge in value, the cryptocurrency market is currently going through a calm down phase. Bitcoin, in particular, has dropped by more than 15% from its record high. This trend recalls past bull markets. As a result, there are varying views about where the price of Bitcoin might be heading next.
Bitcoin: A Golden Opportunity Or Fool’s Gold?
Peter Schiff, known for his criticism of Bitcoin and advocacy for gold, predicts that the latest price drop is just the start of a more significant decline for the cryptocurrency. According to him, the $60,000 mark, which psychologically signifies support, may not be able to prevent a sell-off leading to prices as low as $20,000. Schiff points to the recent rise in gold prices as an indication of investors moving towards traditional safe-haven assets.
While not all analysts agree with Schiff’s pessimistic view, Tuur Demeester, a cryptocurrency expert, asserts that the current correction could find support at the $60,000 mark. This perspective implies a more contained correction of approximately 20% from the previous peak. The market has recently shown similar tendencies, with Bitcoin momentarily falling beneath $60,000 before bouncing back slightly.
Bitcoin: It’s my belief that the price may hit around $60,000 as the minimum point of this market downturn, representing a 20% decrease from its previous peak.
— Tuur Demeester (@TuurDemeester) April 18, 2024
Beyond The Dollar Sign: The Crypto’s Long-Term Fundamentals
Instead of solely focusing on Bitcoin’s short-term price fluctuations, some experts are examining its core foundations. For instance, Willy Woo, an analyst, highlights the substantial decrease in Bitcoin’s inflation rate, currently lower than gold’s. This advantageous situation could make Bitcoin an attractive investment in the future, possibly resulting in a larger market value than gold’s.
According to Glassnode’s analysis, the 50-day Exponential Moving Average (EMA) for Bitcoin is currently at around $62,000. If the price stays above this level, it could be a sign of an upcoming price increase towards $72,000. In such a scenario, investors should consider using short-term price drops as chances to buy more Bitcoin at potentially lower costs.
The Bitcoin halving on April 19th has passed, leading to conflicting perspectives. While many believe that past price trends indicate a bullish outlook, the possibility of Bitcoin reaching prices as high as $75,000 or even $100,000 hinges significantly on:
— Santiment (@santimentfeed) April 24, 2024
During the Bitcoin halving, Santiment’s key observation reveals a rise in uncertainty. Traditionally, Bitcoin’s price has surged after this significant milestone. This aspect reflects the overall sense of positivity.
According to Santiment researchers, reaching $75,000 and then $100,000 in price will largely be influenced by several factors. These include the actions of large investors (whales and sharks), the re-entry of dormant coins into circulation, and the overall profitability of the network. Other contributing factors should also be taken into consideration.
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2024-04-25 10:11