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Bitcoin Price Forecasts

According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.

This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price.

Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.

This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting.

These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.

Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.

What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event.

Price Consolidation On The Horizon?

Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside.

According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.

This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.

Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range.

If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes:

Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.

As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com

Bitcoin price predictions currently are being fueled by the present price movements in the asset. Prominent figures in the market continue to come out with optimistic price predictions for the asset. $100,000 so far seems to remain a favorite of the majority, with so many believing that the digital asset is set to break that price by year-end. Among the people who believe this prediction is ZB.com’s CEO, Omar Chen.

Talking to Cryptogeek, Chen talked about the bitcoin market. The price movements of the digital asset were a major focus for the CEO as he explained that he believed that bitcoin had already seen the bottom for this year, which he placed at $30,000. According to Chen, while the digital asset could have fallen lower below $30,000, “most of the risk is priced in.”

Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages

For Chen, the fact that bitcoin is a deflationary asset and the scarcity of the asset remains the most attractive monetary attribute of the asset. The 21 million supply cap of bitcoin has always worked in the favor of the asset. As supply runs low, the demand for the asset is set to exceed the available supply, which would, in turn, lead to a surge in the price of BTC.

Growing Interest In The Bitcoin Market

Interest in the cryptocurrency market as a whole has continued to grow these past years. Despite the long stretch that bitcoin spent in a bear market after the 2017/2018 bull market ended, interest in the digital asset has not declined. Rather, the market has witnessed an influx of new investors into the market. The returns on the digital asset have also helped on the adoption front, outperforming gold and other top assets in the financial market.

BTC price drops 10% in 24 hours | Source: BTCUSD on TradingView.com

Chen likened the adoption of bitcoin to the internet back in the ‘90s. Acceptance was sluggish at first as people discounted the impact that the internet would have on the future. Chen predicts that going by this pattern, the market will see another 100 million new users in the coming 2-3 years.

Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market

A large number of users like this would definitely see the value of bitcoin shooting up. Everyone would want to own a piece of the top cryptocurrency, leading to increased demand, but the supply will not change. In fact, supply will continue to reduce as halvings happen in the market, leading to less BTC being awarded to miners for every block that they mine.

2025 Is The Year Of Omnipresence

Following Chen’s analysis of the movement of bitcoin being similar to that of the internet in the ‘90s, the CEO sees a rapid spread of the digital asset all around the world come 2025. Chen’s analysis would see the asset become more mainstream by 2023, most likely coming from adoption from both major and minor companies. Then widespread use of the digital asset around the world as it becomes more acceptable.

Related Reading | Bitcoin AT $46K, Will The Market See $50K Before The Next Bear Market?

Chen pointed out that the next 2-3 years will see some themes that will be at the forefront of the market. “I think in the next 2-3 years, compliance, institutionalization, and even the entry of sovereign institutions into the market will be the main theme,” said Chen.

Bitcoin’s price has held up quite nicely in the market over the past couple of weeks. The bull rally saw the asset bounce around the charts before settling down, making $44,000 its new support point, despite losing over 10% in the last 24 hours.

Featured image from Cryptopolitan, chart from TradingView.com