Bitcoin ($BTC) has plunged to $61,176.87 at the time of writing this article. The value delivers two sentiments: one, bearish because the token is down from almost $70,000, and two, bullish because holders speculate a strong rebound. The latter is strengthened by the prediction for Bitcoin, wherein analysts have said that it could end 2024 on a higher note of $100,000. An alternate possibility states that BTC can go as low as $50,000 in the near future.
Needless to say, an actual value will be made public only after the calendar has changed its yearly face.
The next month could trigger the commencement of a bull run. This has a historical context. BTC has always marked upswings in July with a median of 9.6%. The highest gain was noticed in July 2020, when Bitcoin recorded a jump of 24%. Trends can still change, and this, therefore, should not be taken as a guarantee of a positive return. BTC can disappoint holders by dropping just like it has done since Halving and ETF approval. While there have been notable upticks, the token has also declined significantly.
Long-term holders are unhindered by the current trends. They have their bets on how BTC moves on the price chart in the next 2-3 years. Most of them are even willing to hold their tokens till the end of the current year.
Bitcoin mining profitability is reportedly at its lowest value. It is a discouraging scenario for miners who are losing out on revenue. Bitcoin Halving has potentially reduced the supply of tokens – making it rare in the supply. It has committed to supporting a bull run but at the cost of losing miners from the ecosystem. It has sparked Mining Capitulation. It is a process where weak miners are cutting their ends loose. They are shutting down their operations and liquidating their holdings to take home any level of profit that they can take.
It will only add selling pressure to the ecosystem – potentially causing the value to tremble for a while. There will be a resurgence once the trend settles and there is no dust particle on BTC’s price chart.
The BTC prediction was previously to reach a high of $85,000. The prediction has now come down and the highest it can reach is $82,145. The former value was predicted in the last week and it makes sense to revise the target for the next 30 days since volatility is gaining momentum. Nevertheless, the monthly jump translates to 35.14% from the current value amid the volatility of 3.96% and the 14-day RSI of 31.53.
Prevailing sentiments are under the bearish zone with 40 points on the Fear & Greed Index.
No matter how BTC moves in the near future, one cannot negate the fact that it has come a long way in 2024 till June 27, 2024. It was hovering around $40,000 and has now reached $61,000 after dancing at the milestone of over $71,000 in March 2024.
Fluctuations will continue, and Bitcoin ($BTC) will lose & gain value.
Disclaimer: This article is neither advice nor a recommendation about crypto investment. Readers are recommended to conduct a thorough research and risk assessment before allocating funds to BTC or any other digital assets.
