Will There Be More Pain? Check Out These Latest Bitcoin Price Predictions
TL;DR
- Despite falling below $67,000 recently, industry participants remain optimistic about Bitcoin’s potential resurgence and future gains.
- Upcoming US CPI data and FOMC meeting may significantly impact BTC’s price; Analysts are expecting a possible upward move.
The price of Bitcoin (BTC) rose to almost $72,000 earlier this month, allowing some industry participants to speculate that an all-time high could be just around the corner. However, instead of a new high, the asset headed south in the last few hours and declined below the $67,000 level. painful overleveraged traders.
BTC Price, Source: CoinGecko
However, many analysts are optimistic that the negative trend is a temporary event and may soon give way to another revival. X user Mags requested He says BTC forms a “descending widening wedge pattern,” which often leads to “an explosive move on the breakout.”
Crypto Rover, an X user with almost 800,000 followers, was even more optimistic. Recalling that the US SEC has already approved spot BTC and spot ETH ETFs, he predicted that “cryptocurrency will only go up from here.” The analyst goes further and says, adjustment Staggering target of $500,000 for a single BTC in the near future.
Crypto Rover shortly after his bold prediction presented A chart showing that retail investors have not yet jumped on the bandwagon and FOMO (Fear of Missing Out) is at a relatively low level. According to that, this means that The bull market has not started yet.
Earlier this month, market intelligence platform Santiment shared A similar pattern indicates that enthusiasm among traders is still far from the peak areas observed in previous bull cycles. Inside crypto contextFOMO refers to the fear of missing out on potential investment gains in a particular outperforming digital asset. quite a few Alright.
This phenomenon can cause investors to enter the ecosystem emotionally rather than rationally. people can be ignore vital due diligence and investment strategies lead to impulsive purchases at high prices. ThisTherefore, it can lead to serious losses incident A serious market correction.
FOMO levels were extremely high in 2021 when BTC rose to almost $70,000 for the first time in its own history. But the joke was short-lived and the entire industry plunged into a devastating bear market in 2022.
These Events Could Change the Rules of the Game
Another analyst who studies the subject in depth is Michael van de Poppe. Hey registered BTC decline after rejection in $71K zonewaiting Another decline towards the $64,000-65,000 range.
On the other hand, the crypto enthusiast believes that the asset will head north once again following the upcoming US CPI data and FOMC meeting.
US Bureau of Labor Statistics set While it last released the Consumer Price Index on June 12, the Federal Open Market Committee meeting (which decides whether interest rates in America should be raised, lowered or kept at the same level) is also scheduled for the same date.
Both events triggered increased volatility for the historically leading digital asset and all cryptocurrency industry.
Most experts believe that interest rates will remain unchanged at the current reference level of 5.25-5.50%. Prominent names among them Mike Novogratz (Galaxy Digital Holdings CEO) thinks BTC will head north once the Fed abandons its anti-inflation regime.
Such a move would make it easier to borrow money, which could lead to increased interest in risky assets such as cryptocurrencies.
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