Analysts predict a decline in Bitcoin prices in the near future before a rally to an all-time high.
The cryptocurrency market has once again become the focus of institutional and retail investors as Bitcoin's price movement shows high volatility in the second quarter of 2024. Several analysts predict that Bitcoin will face a short-term correction phase before continuing a rally to new record highs surpassing $140,000. This correction is seen as important as a price consolidation process amid a market filled with uncertainty and potential profit-taking by investors. The main attention of market participants is now directed towards technical and fundamental signals that could determine the direction of price movement in this very dynamic period.
Bitcoin is currently trading in the range of $66,500 according to CoinDesk data, after previously breaching the $73,000 level in March 2024. According to a Bloomberg report, daily trading volume has increased by 22% in the last month, reflecting high market activity amid potential corrections. Many analysts, including those from JPMorgan and Galaxy Digital, estimate that the correction phase could bring Bitcoin down 10%–15% in the short term before investors re-enter the market. Reuters research also shows expectations that profit-taking volume will temporarily create selling pressure, but the consensus remains optimistic about the upward trend in the latter half of this year. $BTC