Here’s Why Bitcoin (BTC) Could Hit Another ATH This Year: Analysts
TL;DR
- Bitcoin’s price has fallen over 8% in the last two weeks to $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 net flow indicate increased volatility and a potential bull run.
The leading cryptocurrency by market cap underperformed late hoursIts price has fallen by over 8% in the last two weeks. Right now, It’s trading around $65,200, down 12% from its all-time high recorded in mid-March this year, according to data from CoinGecko.
However, leading industry participants and analysts expect a recovery in the near future. An example of this is Crypto Rover (an X user with almost 800,000 followers). thinks BTC has “bottomed” and is now poised to rise to $72,000-$74,000.
However, the price of the asset fell to $64,000 on June 18. rescued some between losses the next day
Titan of Crypto also joined in, predicting a potential rally above the $100,000 milestone before the end of 2024. The analyst based his predictions on the BTC halving. took place in April this year.
Halving occurs every four years and interruptions occur. in half daily issuance of new assets. Historically, followed With a massive BTC price rise and the revival of the entire cryptocurrency market.#Bitcoin It’s about time.????
After the halving #BTC It takes several months to pulverize the previous ATH.
This time is no different.
Be patient, my friends. pic.twitter.com/cx26164J0D
— Crypto Titan (@Washigorira) June 18, 2024
Ali Martinez is argument Assuming BTC mirrors its performance in past bull runs, we think it may not have reached the top of the cycle yet. The analyst believes that the price may peak around December 2024 or by October 2025.
Taking a Close Look at Some Important Indicators
Key on-chain metrics such as BTC open interest and exchange net flow signal have increased volatility and a possible bull run in the future. Bitcoin open interest refers to the total number of derivative contracts that have not yet been completed, such as futures or options. resolved yet.
metric rise usually indicates fresh capital is flowing This shows that investors are either opening new positions or adding to existing positions. However, this may also indicate that new short positions will be opened, which may cause prices to fall due to increased selling pressure.
BTC open position hit It reached an all-time high in early June. Despite the decline in the following days, the indicator is still not far from its peak level (according to this Data from CryptoQuant).
For its part, BTC exchange net flow The past week has been predominantly negative, indicating a shift away from centralized platforms and towards personal surveillance methods. This It is thought It shows an upward trend as it reduces the immediate selling pressure.
BTC Exchange Netflow, Source: CryptoQuant
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