Recently, the cryptocurrency market, led by Bitcoin, has faced weakening sentiment amid the geopolitical crisis in the Middle East. This has resulted in significant price declines across various assets.
Current Cryptocurrency Market Situation
The cryptocurrency market, led by Bitcoin (BTC), has experienced rising short-term bearish sentiment due to the ongoing geopolitical crisis in the Middle East. Bitcoin's price, after attempting to fall below $100,000, recorded the lowest weekly close at around $101,339.
Experts' Predictions for Bitcoin and Altcoins
The current Bitcoin price indicates potential short-term weakness, with a midterm target around $93,000. It's important to note that BTC's price in the weekly timeframe has formed a potential macro double-top, accompanied by bearish divergence of the Relative Strength Index (RSI). If the support level around $93,000 fails to hold in the coming weeks, a capitulation towards $76,000 may become imminent.
Expectations for 2025
Crypto analyst Benjamin Cowen believes that in the coming months, Bitcoin will continue to gain ground over altcoins, as its dominance has already surpassed 65%. This figure is expected to rise further, potentially even reaching 70%. He also highlighted that the broader cryptocurrency market, led by Bitcoin, will likely establish a local low around August or September of 2025, which may delay the highly anticipated altseason.
Given the current state of the cryptocurrency market and expert forecasts, significant changes are expected in the positions of both Bitcoin and altcoins moving forward. Investors are advised to monitor market developments for safer investment stages.
