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Bitcoin is predicted to experience high volatility

The founder and managing partner of the American investment company Fairlead Strategies said that Bitcoin may demonstrate high volatility in the second half of 2024. A short-term drop in the value of the first cryptocurrency to $51,000 is possible.

Katie Stockton, in an interview with CNBC’s Squawk Box, said that the fall in the value of Bitcoin is due to the start of payments to customers of the bankrupt exchange MtGox – which began ten years after the hack.

The managing partner of Fairlead Strategies said that Bitcoin has broken through several key support levels, the main one being $60,000. According to the entrepreneur, the long-term upward trend remains, and the fall in the value of BTC is short-term:

“The second half of the year will likely see more volatility in Bitcoin. The upward trend will continue, but there will be more correction phases in the market.”

Katie Stockton emphasized that Bitcoin should be viewed as a long-term investment with significant upside potential, akin to a call option. However, if the first cryptocurrency drops to $40,000, this could indicate a problem from a technical analysis point of view. This could jeopardize the long-term uptrend, the founder of Fairlead Strategies emphasized.

Earlier, analysts at crypto exchange Bitfinex said that the Bitcoin price could recover in the short term, as indicated by the falling spend-on-profit ratio (SOPR) coupled with negative funding rates.

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Source: Cryptocurrency

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