Bitcoin's price has recently entered a bear market phase amid various challenges.
Last week, BTC hit a bottom of $53,540, its lowest level since February, before rebounding to $57,200 at the time of writing.
This fluctuation has sparked debate among experts, with some optimistic about a quick recovery.
A Standard Chartered analyst predicts Bitcoin could surpass $100,000 by year-end, citing ongoing institutional interest and expectations around potential regulatory shifts under a potential Trump presidency.
Meanwhile, Ki Young Ju of CryptoQuant remains bullish, forecasting potential dips to $47,000 but expecting a rise to $112,000 next year.
Analysts also see potential bullish indicators, including expected Federal Reserve interest rate cuts and market movements away from risk-averse assets to tech stocks and Bitcoin.
However, others caution that Bitcoin’s price decline may persist, pointing to technical patterns and ongoing large-scale transactions and liquidations affecting market sentiment.
Has Bitcoin completed a double top?
Yes or no????
If yet, minimum target is $44,000
What do you think?$BTC pic.twitter.com/EpzeihHJtF— Peter Brandt (@PeterLBrandt) July 7, 2024
CryptoQuant, a prominent market research firm, has observed a notable decline in the supply of short-term holders (STH) of Bitcoin (BTC), which may hinder the cryptocurrency’s potential price surge.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
Michael Saylor’s MicroStrategy continues to expand its Bitcoin reserves, showing their undeniable optimism for the crypto market bull run.
Institutional investors are becoming more bullish on the future trajectory of Bitcoin, piling up their reserves.