Here’s Why Bitcoin (BTC) May Hit Another ATH This Year: Analysts
Check out which factors signal that BTC has yet to head north towards new peaks.
TL;DR
- Bitcoin’s price has dropped over 8% in the past two weeks to around $65,200, but analysts expect a rebound to $72,000-$74,000 and potentially above $100,000 by late 2024.
- High BTC open interest and negative exchange netflow suggest increased volatility and a potential bull run.
BTC’s Next Possible Move
The leading cryptocurrency in terms of market capitalization has underperformed as of late, with its price dipping by over 8% in the past two weeks. Currently, it trades at around $65,200 (per CoinGecko’s data), a 12% decline from the all-time high registered in mid-March this year.
Nonetheless, prominent industry participants and analysts expect a rebound in the near future. One example is Crypto Rover (an X user with almost 800,000 followers), who thinks BTC has “bottomed” and is now poised to spike to $72,000-$74,000.
Recall that the asset’s price tumbled to as low as $64,000 on June 18 but recovered some of the losses the following day.
Titan of Crypto chipped in, too, envisioning a potential rally above the $100,000 milestone before the end of 2024. The analyst based their forecast on the BTC halving, which took place in April this year.
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