Bitcoin at a Crossroads: Crash Ahead or Major Surge?

Bitcoin (BTC) is currently grappling with the challenge of breaking through and maintaining a level above $60,000.

Some analysts are warning of a potential significant downturn before Bitcoin can advance toward new all-time highs (ATHs).

Recent observations from crypto analyst Mikybull Crypto, shared on August 12, suggest that Bitcoin might experience a major drop similar to previous market cycles.

Here is further data on the Bitcoin dominance cycle top confirmation.

The crash down will be as violent as it was after the cycle bottom signal.#Altcoins https://t.co/Wjj8hS2oDR pic.twitter.com/qessQyQI92

— Mikybull 🐂Crypto (@MikybullCrypto) August 12, 2024

Mikybull Crypto highlights that Bitcoin’s recent dominance could signal a forthcoming severe decline, akin to past patterns.

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Despite these bearish predictions, Mikybull Crypto forecasts that Bitcoin could eventually surge to $95,000 and then $142,000, representing significant gains of 60% and 140% from its current value, though these levels might not be reached until 2025.

Additionally, analyst TheMoonCarl has noted that Bitcoin faces crucial resistance levels. If these are overcome, Bitcoin might reach a target of $125,000, potentially as early as September, based on a ‘cup and handle’ pattern.

This is a very Bullish Cup & Handle on #Bitcoin. If we break, target is $125,000 🚀 pic.twitter.com/E6nLb9OW6R

— The Moon (@TheMoonCarl) August 12, 2024

Similarly, TheScalpingPro, also known as Mags, suggests that Bitcoin could be on the brink of a major parabolic rise, possibly reaching up to $180,000 before hitting a potential peak.

Alexander Stefanov