At the beginning of the work week, Bitcoin is showing positive dynamics, despite the largest outflow of assets from BTC ETFs. Amid the growth of cryptocurrency, members of the crypto community shared their forecasts.
We tell you what Bitcoin forecast the crypto industry representatives give and when, in their opinion, investors will see BTC at $100,000.
What's happening with Bitcoin
Bitcoin began the new working week with a recovery from the correction that began on March 14, 2024 – against the backdrop of the cryptocurrency updating its absolute maximum (ATH) value at $73,750. At the moment, BTC fell in price by more than 17%. At the time of writing, Bitcoin is trading at $67,027, which is 8% below its ATH.
BTC has begun to recover despite record outflows from cryptocurrency exchange-traded funds (ETFs).
Meanwhile, there are 26 days left until the BTC halving. The event will take place on April 20, 2024.
Countdown to Bitcoin halving. Source: bitcoinblockhalf
Let us remind you that halving will halve the speed of Bitcoin mining, which means it will slow down the flow of new BTC to the market. Observations show that the event creates a shortage of cryptocurrency, which pushes its rate up.
The 2020 Bitcoin halving cycle is unique because this time the coin managed to update its ATH before the next halving. This behavior of the cryptocurrency can be explained by investor interest in spot ETFs on BTC, which were launched in the United States in January 2024. Demand for the instrument may enhance the halving effect.
Bitcoin forecast
Trader Doctor Profit believesthat BTC is preparing for the next powerful breakthrough, which will take the cryptocurrency to levels above $80 thousand and open the way to $100 thousand. At the same time, he admits that Bitcoin will spend several more weeks in a sideways movement.
Similar Bitcoin forecast given by analyst Michael van de Popp. He sees the prerequisites for a sideways movement of the cryptocurrency. At the same time, the analyst noted that the decline realized by the coin to $60.7 thousand could be the lower point of the correction.
Many members of the crypto community are waiting for BTC to see active growth after the halving. For example, such a forecast supported crypto blogger The Bitcoin Therapist. In his opinion, the coming bull cycle will be “the greatest in history.”
In anticipation of the halving, members of the crypto community began predicting the coin’s reaction to the event. Many believe that BTC will be able to break through the psychologically important $100,000 level in the near future. For example, a trader Scofield believesthat in 3-4 months investors will see Bitcoin at $150 thousand. His colleague BitQuant, in turn, waiting BTC at $95 thousand in May.
Bestselling author of Rich Dad Poor Dad Robert Kiyosaki gave less optimistic forecast. In his opinion, the cryptocurrency will be able to break through the $100,000 level only in September 2024.
However, there are also members of the crypto community who see the potential for a deeper correction in Bitcoin. For example, a trader Johnny thinksthat BTC could drop to $55 thousand at the end of March. Afterwards, in his opinion, the cryptocurrency will begin its assault on ATH.
Source: Cryptocurrency
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