Is the Bitcoin and altcoin bull market over?
The crypto market is going through a turbulent period, casting doubt on the sustainability of the current rise. As Bitcoin’s price fluctuates, experts offer their nuanced perspectives on the future of the king of cryptos and altcoins.
An uncertain future trend for Bitcoin
Analysts outline various scenarios for the evolution of the Bitcoin price. According to seasoned investor Murad Mahmudov, if the price remains above $60,000, the four-year bullish cycle could continue.
However, a global recession could drive Bitcoin down to $30,000, depending on the macroeconomic context.
Julio Moreno from CryptoQuant highlights the importance of the realized price level by short-term holders, located at $62,800. This critical threshold could either offer support or lead to an 8-12% correction, bringing Bitcoin back to $60,000.
Veteran trader Peter Brandt warns against a break of supports at $60,000, which could drive Bitcoin down to $48,000. Market analyst Bob Loukas, for his part, foresees a consolidation phase similar to last summer, calling for investor patience.
Caution on altcoins and market sentiment
Regarding altcoins, Mechanism Capital co-founder Andrew Kang expresses doubts about the ability of the approval of Bitcoin ETFs to stimulate the entire market, particularly Ethereum. While Bitcoin might benefit from renewed interest, the impact on Ether ETFs remains uncertain.
Analysts at Santiment observe a growing sense of fear among investors as Bitcoin’s price drops to $65,000. Paradoxically, this panic could lead to a temporary rebound and a buying opportunity if it persists.
Will Clemente from Reflexivity Research bets on a summer consolidation, maintaining his main positions in Bitcoin. He foresees a potential price rise in the fourth quarter, influenced by economic data and the Fed’s actions.
The future of the Bitcoin and altcoin bull market remains uncertain, oscillating between major corrections and consolidation phases. Its direction will largely depend on macroeconomic factors and investor sentiment trends.
In this uncertain context, caution is advised, even if some analysts see short-term opportunities. This summer is shaping up to be a pivotal period for the crypto market, which will need to demonstrate its resilience in the face of economic and regulatory challenges.
