After dropping to $65,500 last week, the price of Bitcoin has increased by 3% in the past 24 hours, reaching close to $67,000. Some analysts believe that this current rise might not be the end of the correction, predicting that the price of BTC could fall below $60,000 before resuming its upward trajectory.
Prediction of Bitcoin Reaching $100,000
IncomeSharks, a well-known cryptocurrency analyst, suggests that while Bitcoin's price is within an overall upward channel, it could experience a temporary dip below $60,000 before eventually reaching $100,000. This downward movement could serve as a trigger for a further increase, especially for seasoned investors familiar with market patterns.
The analyst also points out that Bitcoin's funding rates have reached the highest levels since April 2021. Previous instances of such high rates have resulted in a 50% drop in Bitcoin price.
Santiment's Insights on Bitcoin
Santiment data reveals that Bitcoin's funding rates have historically correlated with significant price drops. Additionally, entries into Bitcoin ETFs have decreased this week, with an average daily value of $100 million. Despite being close to the Bitcoin halving event, market sentiments suggest fear, uncertainty, and doubt (FUD) among analysts.
While Bitcoin briefly returned to $69,000 on Thursday, prevailing negative sentiments in the market indicate that bulls should remain cautious. Historical trends show that markets often move against majority expectations. Consequently, experts advise that optimal buying opportunities arise when there is doubt regarding a potential market rally.
Comments