- Growth Forecast by Real Vision
- Warning Signals from CryptoQuant
- Market Reaction to Recent Developments
Analysts continue to express varying opinions on the future direction of the Bitcoin market. Real Vision and CryptoQuant have released their new forecasts.
Growth Forecast by Real Vision
In an Aug. 26 post, Real Vision analyst Jamie Coutts remarked that Bitcoin might enter a so-called 'batshit season.' This concept suggests a sharp price increase up to $150,000 by the end of 2024. According to Coutts, past Bitcoin bull cycles reached new all-time highs within 365 days following local peaks in the US Dollar Index.
Warning Signals from CryptoQuant
Not all analysts share this optimism. Pseudonymous CryptoQuant researcher XBTManager highlighted significant short-term selling pressure for Bitcoin. In his Aug. 27 research note, he observed that short-term Bitcoin holders had become active sellers, which could lead to short-term price fluctuations.
Market Reaction to Recent Developments
On Aug. 23, Bitcoin's price surged by 6.2% and has since remained above the $63,000 support level. Despite the bullish price action, many Bitcoin derivatives traders remain skeptical, as indicated by the stagnant Bitcoin futures premium around 6% over the past month. This points to professional traders' reluctance to initiate leveraged long positions.
Thus, forecasts for Bitcoin's future growth remain mixed. While some analysts predict significant price increases, others point to potential short-term risks.
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