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What Analysts Expect from Bitcoin

BTC continues to fall. The negative dynamics of the cryptocurrency made investors wonder where the coin might find the bottom.

We tell you what Bitcoin forecast members of the crypto community give and what BTC levels they think are worth monitoring.

What’s Happening to Bitcoin

Bitcoin started the new working week with a decline. As of the time of writing, the coin is trading at $55,691, which is almost 25% below the absolute maximum, which was recorded on March 14, 2024 at $73,750.

There are several reasons for the fall of Bitcoin, one of which is the start of payments to creditors of the crypto exchange Mt. Gox, which collapsed in 2014.

Bitcoin Forecast

Many crypto community members believe that Bitcoin has already reached a local bottom, which means that BTC will not continue to decline. For example, analyst MartyParty supported this forecast. In his opinion, the drop in the cryptocurrency rate to levels that barely cover the costs of BTC mining indicates that Bitcoin has reached the bottom.

MartyParty believes that Bitcoin’s behavior can be predicted using the Wyckoff method. At the same time, the analyst is sure that it is important to take into account the impact of the upcoming US presidential elections on the behavior of the digital asset market. Recall that candidates for the post of head of America are forced to fight for the votes of crypto community members, as the latter have gained great weight. Following the results of the first debates, Donald Trump emerged as the leader. The politician promises to support the development of the digital asset market. The Financial Times writesthat Trump’s victory could spark growth in the crypto industry.

In the chart, MartyParty superimposed the Wyckoff distribution on the Bitcoin price curve to show the expected trajectory of the cryptocurrency taking into account the possible reaction to the US presidential election. According to the analyst, BTC will grow as the day of the announcement of the presidential race results approaches. The peak of Bitcoin growth, according to MartyParty, may be recorded in June 2025.

With the view that Bitcoin has hit bottom, agreed trader Doctor Profit. He believes that investors will see BTC recover to $60,000 in the near future.

Ryan Lee, chief analyst at Bitget Research, also shared a positive forecast in a conversation with BeInCrypto. He noted that on the weekly chart, BTC is near the lower border of the Bollinger Bands. Such behavior of the cryptocurrency, according to his observations, indicates that the coin has reached a local bottom.

However, there are those who see prospects for further Bitcoin immersion. For example, trader @AltstreetBet does not rule out coin’s fall to $47,000 before starting to grow. In his opinion, BTC will continue to decline until the end of the year.

Similar Bitcoin Forecast gave an analyst of Inmortal. He drew attention to the similarity of BTC’s behavior with the trajectory of late 2019. If history repeats itself, Bitcoin will be able to start growing only at the beginning of 2025.

The fact that Bitcoin has already passed its lows, doubts and popular crypto trader Peter Brandt. He admits that a pattern is forming on the cryptocurrency chart that will open the way for BTC to $44,000.

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Source: Cryptocurrency

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