The crypto market faced headwinds as Bitcoin (BTC) dipped below $35,000, and the bearish trend affected altcoins like Binance Coin, Solana, and Tron. BTC’s price declined by 3% in the last 24 hours, hovering around $34,300, with a trading volume drop of 25%.
The market’s fear and greed index also slipped from 72 to 65, but overall sentiment remains bullish, with analysts predicting a significant Bitcoin price correction before an anticipated surge. Some projections even suggest Bitcoin could reach $45,000 by year-end. Let’s delve into the analysts’ flabbergasted price insights.
Bitcoin is juggling with the FOMC’s recent meeting, and on top of that, ETF delays are creating added sell pressure on the king crypto. Despite that, renowned crypto analyst @CryptoKingKeyur’s recent tweet thread has set the stage for potentially significant growth in Bitcoin’s value. Predictions point to a surge, with Bitcoin potentially reaching $45,000 by the close of 2023, marking a substantial increase from its current value of around $34,500. In-house models support this projection, reinforcing confidence in Bitcoin’s upward trajectory.
Crypto in Line with Bitcoin’s Price Hit $250K Soon
Looking at the analyst’s short-term goal, the analysis points to a potential all-time high for Bitcoin before April 2024, with projections reaching as high as $250,000 based on Elliott Wave charting. Various models align on a target of approximately $130,000, tied to vital halving events, suggesting a longer-term bullish sentiment.
These projections indicate the potential for substantial growth, with Bitcoin poised to reach $45,000 by the end of 2023, backed by a 30% year-end increase. Moreover, an even bolder prediction suggests that Bitcoin could surpass its current all-time high of $69,000 before April 2024, although it may encounter periodic pullbacks.
Additionally, the thread introduces the intriguing possibility of Bitcoin reaching a seven-figure price, an outlook supported by industry leaders like Cathie Wood and Arthur Hayes. However, the timing remains uncertain due to macroeconomic factors.
Bullish Factors on the Way, Expect Bitcoin Over Gold
The thread underscores the pivotal role of macroeconomic factors in Bitcoin’s potential growth. Should confidence wane in traditional financial systems, demand for alternative assets like Bitcoin could skyrocket, potentially driving its value to unprecedented levels, as suggested by Hayes.
Furthermore, the preference for Bitcoin over gold as an inflation hedge, highlighted by experts like Cathie Wood, reflects the increasing interest in cryptocurrency as a store of value. While the outlook for Bitcoin’s future is optimistic, investors are advised to approach cautiously, conduct thorough research, and carefully consider their risk tolerance in the dynamic cryptocurrency market.