According to leading Bitcoin analysts, the price of BTC could plummet to as low as $60,000 in the coming months. Bitcoin's recent momentum has stalled, raising concerns about the fragility of its earlier significant gains.
Some analysts anticipate a bullish trend for Bitcoin in 2025. However, they caution that a sharp price drop in the short term is likely before the next bullish cycle unfolds. These predictions were compiled by Ali Martinez, a prominent industry analyst, who noted a significant decline in Bitcoin's forward momentum. This has sparked doubts about the possibility of reaching the $110,000 target by New Year’s Eve.
Several top analysts also highlight the lack of support at various price levels and the existing supply pressure, which could lead to further price drops for BTC. Over the past week, Bitcoin's price has hovered in the “key support zone” between $97,000 and $93,800. A slip below this range could trigger a steep drop to $70,000, given the limited support below that level. Alarmingly, BTC is currently sitting at the lower end of this critical range.
Ali Martinez also pointed out rising concerns within the Bitcoin community. For instance, more than $3 billion worth of BTC has been sent to exchanges in the past week, while Bitcoin whales have been reducing their exposure. Additionally, ETFs, which typically provide substantial returns, have experienced outflows exceeding $1 billion.
Although future bullish predictions remain optimistic, they are tempered with caution. For example, analysts from the Into the Cryptoverse podcast compared Bitcoin’s price movements to the 1990s performance of the Invesco QQQ fund. The fund experienced a dramatic crash following a surge similar to BTC's rally this year, eventually recovering to surpass its initial bull market peak.
Despite short-term concerns, major asset managers continue to express bullish outlooks for Bitcoin’s long-term price action. Bitwise recently forecasted BTC could reach $200,000 by 2025, fueled by consistent growth. Pantera Capital offered an even more ambitious prediction, expecting Bitcoin to soar to $740,000 by 2028.
What are your thoughts on these Bitcoin price predictions?#BtcNewHolder