As most assets in the cryptocurrency space are seeing losses in a new week of trading, with Bitcoin (BTC) leading the way, the flagship decentralized finance (DeFi) asset has returned to the $62,000 region just weeks after hitting an all-time high (ATH) price of $73,738, leaving investors curious about its near-term future.
Specifically, Bitcoin is down 15.26% from its highest peak reached on March 14 this year, and the upcoming month of May (traditionally a challenging month for the cryptocurrency industry) may bring more troubles to the asset with the largest market capitalization.
Bitcoin Price Prediction
In fact, as Finbold reported on April 28, cryptocurrency trading expert Alan Santana said that Bitcoin could continue to fall further, perhaps even towards $30,000, with an impending “capitulation drop” implying a drop of more than 50% from the current price.
Bitcoin Price Analysis Chart
It’s also worth noting that his peer Michaël van de Poppe recently stressed that “the market is still in a state of boredom and if you look at BTC valuations, it’s in a bear market,” adding that “Bitcoin is stuck in a range and we can probably expect more downside.”
Bitcoin price trend analysis
Meanwhile, another prominent cryptocurrency analyst, Ali Martinez, has observed that Bitcoin whale activity has declined significantly since mid-March, and he believes that a surge in whale trading volume could be the necessary catalyst to reignite Bitcoin buying interest.
Bitcoin whale trading chart.
Bitcoin Price Analysis
Meanwhile, the digital asset is changing hands at $62,310 at press time, down 1.95% in the past 24 hours, 5.84% in the past seven days, and 11.25% on the monthly chart, according to the latest news on April 29.
Bitcoin price 30-day chart.
So why is Bitcoin falling? Notably, one of the reasons could be the upcoming Federal Open Market Committee (FOMC) meeting, which van de Poppe said “could cause markets to adjust ahead of the meeting and reverse afterward, with some potentially hoping that a rate cut is imminent.”
All things considered, the trend of Bitcoin’s price in the near future doesn’t look promising, however, as Santana noted, the original cryptocurrency will eventually slowly climb by 30-50% before seeing significant bullish momentum within the first six years of 2025, the year he expects a new ATH to occur.
Disclaimer: The content of this article should not be considered as investment advice. Investing is speculative. When investing, your capital is at risk.
