The most popular cryptocurrency, Bitcoin (BTC), is at a crucial point in time. Investors are becoming more worried about the economy as a whole, especially in the US. A recent report from asset company CoinShares showing that over $600 million has been taken out of the market for digital assets has made people even more worried that prices will soon drop.
Different well-known analysts and tech experts have spoken out about their ideas for Bitcoin’s future. A well-known crypto expert named Timothy Peterson talked about Bitcoin’s amazing 65% rise in the last six months.
Bitcoin Faces Price Risk
Peterson, using a decade of past data, has made a sobering prediction: there is a 90% chance that BTC will go down by 10–20% in the next 90 days, which could cause its value to drop below the important $60,000 mark. Even so, Peterson said there was a two-thirds chance that Bitcoin’s price would rise by 50% during the same time period. He predicted that the price would mostly stay between $52,000 and $98,000 by October.
Technical expert Rekt Capital agreed with Peterson’s analysis and said that Bitcoin tends to consolidate near resistance levels, especially around $71,600. In the past, these kinds of consolidations have come before downward movements, which suggests that falls could happen in this area. Rekt Capital also predicted a phase of correction that could see Bitcoin fall to around $56,000, similar to what happened after its March high point of $73,700.
Rekt Capital also pointed out that Bitcoin is currently going through a phase of re-accumulation after the halving event. They said that the price will stabilize between $60,000 and $70,000 during this time. This phase, which could last up to 150 days, is meant to get BTC ready for the “Parabolic Phase” that will come after it breaks out of the re-accumulation range and sees prices rise quickly.
Bitcoin has been halved for almost two months now. Analysts expect the cryptocurrency to go through any necessary changes before starting to rise again and reach new highs.
At the time of this writing, BTC was showing signs of recovery. Its price had recently dropped to $65,000, but it is now selling at $66,800.
(Chart source: TradingView.com; picture source: DALL-E)
