Bitcoin is focused on a new high with its recent market rally, but some analysts are warning that the price could fall. Crypto analyst Justin Bennett predicts that the price of Bitcoin could fall to as low as $63,000. These predictions come after Bitcoin reached a weekly peak of $69,000.
Why Bitcoin Price Could Drop to $63,000
Justin Bennett stated that Bitcoin could retest the $63,000 level. In particular, the analyst stated on the X platform that the price could decline as this week's leveraged buyers are liquidated. Bennett drew attention to a rising wedge formation and a bearish divergence. In the chart he shared, he predicts that Bitcoin will fall to $63,276. This possible pullback is due to the rally in the continuous futures market. In addition, Bennett noted that the rise in this market is not sustainable. As open positions (OI) approach the levels of late July, this poses a significant risk for investors.
Is a Market Correction Inevitable?
Another crypto analyst, CrediBULL Crypto, said that the increase in OI indicates a price correction. The analyst noted that open interest has exceeded the levels where the price fell from $70,000 to $49,000 in July. CrediBULL Crypto stated that the derivatives market is driving the recent rally and that the price could first fall to $50,000. However, some experts continue to draw a more positive picture for Bitcoin. For example, Bitwise CIO Matt Hougan thinks that Bitcoin could make a new peak before the US elections. In addition, Standard Chartered predicts that Bitcoin will exceed $73,000 before the US presidential elections in early November. These predictions may be of interest, especially to short-term investors.
Is a Bull Market Coming?
Analyst CryptoCon states that Bitcoin is ready to enter a bull market. The analyst argues that the price will not fall below $ 40,000. CryptoCon predicts that Bitcoin's bull run will lead to major price increases and thinks that this situation will have a significant impact on the entire cryptocurrency market. The analyst states that the Bitcoin price could reach $ 120,000. He also states that the indicator called Price Oscillator shows that Bitcoin has completed the local peaks in the cycle. This indicates that it could be a period that will provide major profits for investors in the long term.
Long-Term Goals: Will Bitcoin Reach Six-Figure Prices?
Finally, Jamie Coutts, chief crypto analyst at Real Vision, predicts that Bitcoin could reach $110,000 by 2025. Coutts emphasizes that this rise will be triggered by the global money supply increasing to $500 trillion. Matt Hougan also has an optimistic view that Bitcoin will reach six-figure prices. Hougan states that the US elections, Spot Bitcoin ETFs, interest rate cuts and large investor demands will support this price increase. Experts predict that Bitcoin will enter a significant uptrend in the coming years. These developments offer exciting opportunities for investors.
