Bitcoin was trading at $16,500 at the beginning of January 2023 but skyrocketed thereon reaching an all-time high of $73,737 in mid-March 2024. The surge in price came after the SEC approved Bitcoin ETFs allowing several trillion-dollar asset managers to trade the cryptocurrency.
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The development coincided with the Bitcoin halving event in April leading to BTC shooting up further in price. The last five months saw the king cryptocurrency climb up the charts delivering massive profits to investors.
BTC has retraced its price since the event of halving and now trades in the range between $62,000 to $62,000. In the next few days, will Bitcoin drop or start another bull run? What will Bitcoin do in the next few days? article, we will highlight which direction BTC could move in the next cycle.
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Bitcoin Bull rally is coming?
Investors are wondering if cryptocurrency will be in bearish territory after the price decline. Cryptocurrency Analyst Marco Johanning provided his insights that Bitcoin could surge in price after a brief dip. Johanning stated that the markets are not in a bearish state, but remain in a bullish zone with small corrections to be expected.
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“This can’t be a bear market,” Johanning explained. “These elements underscore a fundamental bias crucial for assuming that the current drop is part of a broader bull market trend. Therefore, Bitcoin will eventually find a local bottom and ascend higher,” He wrote on Twitter.
The prediction comes at a time when a handful of analysts are giving bold price forecasts for BTC. Even leading banks like Standard Chartered, among others have predicted that Bitcoin could breach the $100,000 level in a year. ARK Invest’s Cathie Wood has been repeatedly proclaiming that BTC will eventually touch a target of $1 million by 2030.
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At press time, BTC was trading around the $62,387 mark and is down nearly 2% in the 24-hours day trade. The price is down nearly 16% from the all-time high, which was $73,737.
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Source: watcher.guru
