2:00 p.m. ▪
3
min reading ▪ by
Fenelon L.
The crypto market is going through a period of turbulence, casting doubt on the sustainability of the current rise. As the price of Bitcoin oscillates, experts provide their nuanced perspectives on the future of the king of cryptos and altcoins.
An uncertain future trend for bitcoin
Analysts draw up various scenarios for the evolution of the price of Bitcoin. According to veteran investor Murad Mahmudov, if the price holds above $60,000, the four-year bull cycle could continue.
However, a global recession could send bitcoin down to $30,000, depending on the macroeconomic backdrop.
CryptoQuant’s Julio Moreno highlights the importance of the price level realized by short-term holders, located at $62,800. This crucial threshold could either offer support or result in an 8-12% correction, bringing Bitcoin back towards $60,000.
Stock market veteran Peter Brandt warns of a breakdown of supports at $60,000, which could send bitcoin as high as $48,000. Bob Loukas, market analyst, foresees a phase of consolidation similar to that of last summer, calling for patience from investors.
Caution on altcoins and market sentiment
Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, expresses doubts whether the approval of Bitcoin ETFs will boost the entire market, including Ethereum. While Bitcoin could benefit from renewed interest, the impact on Ether ETFs remains uncertain.
Santiment analysts observe a growing sense of fear among investors as the price of bitcoin falls to $65,000. Paradoxically, this panic could lead to a temporary rebound and a buying opportunity if it persists.
Will Clemente of Reflexivity Research is banking on a summer consolidation, holding on to his core bitcoin positions. He sees potential for higher prices in the fourth quarter, driven by economic data and Fed actions.
The future of the Bitcoin and altcoin bull market remains up in the air, oscillating between major corrections and consolidation phases. Its direction will largely depend on macroeconomic factors and the evolution of investor sentiment.
In this uncertain context, caution remains in order, even if some analysts see occasional opportunities. Summer promises to be a pivotal period for the crypto market, which will have to demonstrate its resilience in the face of economic and regulatory challenges.
Maximize your Cointribune experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Click here to join ‘Read to Earn’ and turn your passion for crypto into rewards!
Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
