The cryptocurrency market has experienced significant turbulence recently, raising questions about whether the current bull market for Bitcoin and altcoins will last.
Analysts and industry insiders provide diverse perspectives on the future of Bitcoin and altcoins, reflecting market trends, macroeconomic factors, and investor behavior.
Analyst predictions for Bitcoin and altcoins
Bitcoin investor Murad Mahmudov highlighted two possible scenarios for Bitcoin’s future. He suggested that the bull market could continue along its usual four-year cycle if prices remain above $60,000.
However, depending on the macroeconomic situation, a global recession could cause the Bitcoin price to fall to $30,000.
Likewise, Julio Moreno, head of research at CryptoQuant, pointed out that Bitcoin is likely to reach $60,000. He said Bitcoin is at a critical price level around $62,800, the realized price for short-term holders.
This indicator could provide support or lead to a correction of 8-12% if the price falls below this level, potentially sending Bitcoin down to around $60,000.
From a technical perspective, trading veteran Peter Brandt warned that a break above the $60,000 support level could lead to further declines. He noted that Bitcoin could reach $48,000 if it falls below $60,000.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Meanwhile, market analyst Bob Loukas took a more dovish stance, predicting a period of consolidation similar to that observed last summer. He emphasized the possibility of the pattern repeating itself, suggesting patience may be needed as the market stabilizes.
“Last summer’s consolidation was visualized this summer. I’m not saying it will be repeated, but it serves as a reminder of what is possible and the patience that may be needed,” Loukas said.
Will Clemente, co-founder of Reflexivity Research, also anticipates a consolidation phase. He adjusted his investment strategy, keeping only his core Bitcoin holdings and a few other positions.
Clemente believes Bitcoin may trend sideways over the summer, but prices are likely to move higher in the fourth quarter, depending on economic data and Federal Reserve action.
When it comes to altcoins, Mechanism Capital co-founder Andrew Kang expressed caution. He is not sure whether the momentum created by the approval of Bitcoin exchange-traded funds (ETFs) will extend to altcoins, especially Ethereum. While interest in Bitcoin may be growing, he suspects the same will not be true for the Ethereum ETF.
Read more: What is altcoin season? Comprehensive Guide
Despite the pessimistic outlook, analysts at blockchain analytics firm Santiment noted the current market sentiment. They observed rising fears among investors as the price of Bitcoin fell to $65,000. If panic selling continues, this fear could lead to a temporary bounce and buying opportunity.
“It is common to see a surge in selling or profit-taking talk after a crash, and if FUD persists and smaller traders panic, temporary bounces and buying opportunities can form,” Santiment explained.
In summary, the future of the Bitcoin and altcoin bull market is uncertain. Potential outcomes range from significant revisions to periods of consolidation. The direction will vary greatly depending on macroeconomic factors and changes in investment sentiment.
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