The best Bitcoin (BTC) price predictions in the afternoon

TL;DR

The price of Bitcoin fluctuated between $54,000 and $60,000 in the past seven days, with predictions of a rise of $90,000 to $100,000 based on factors such as the Ethereum ETF launch and Germany’s BTC sales. However, some analysts warn of possible price falls due to several factors. What’s Next for BTC?

The major cryptocurrency experienced enhanced volatility last week, with the price hovering between $54,000 and almost $60,000. It’s currently trading around $58,000 (according to Coingecko data), with numerous analysts speculating that another resurgence could be on the horizon.

User X with over 800,000 followers, Crypto Rover, predicted that BTC would reach the $100,000 milestone in the coming months. He believes the eventual launch of Ethereum (ETH) spot ETFs in the US and the fact that Germany has already sold almost its entire Bitcoin stash could be one of the driving factors.

The US Securities and Exchange Commission approved eight such products, but they are not yet available. According to Bloomberg’s Eric Balchunas, July 18 seems like the “best guess” for a release date.

For its part, the German government recently began selling a significant portion of its crypto holdings (around 50,000 BTC), which were seized during an investigation into an illegal streaming site. The move could have been an element that suppressed the asset’s price lately. The government now has 6,894 BTC left (currently equivalent to about $395 million).

Mikybull Crypto also chimed in, suggesting that Bitcoin’s value could have a “bumpy ride” but would eventually rise to $90,000. The trader claimed that the asset’s price swings since the start of the year have formed a “bullish megaphone pattern”.

This formation is characterized by a series of higher highs and lower lows, creating a widening shape on the chart. It is usually seen as a reversal pattern and is often followed by an uptrend in prices.

However, not all analysts are so optimistic. X user Yoddha noted that Bitcoin’s dominance has been entrenched in a resistance zone for some time, expecting “a drop soon.” Dominance has ranged from 49.5% to 53% over the past month, currently sitting at 51.45% (CoinGecko data).

Scaramucci’s forecast

Earlier this year, Anthony Scaramucci, a former White House official and staunch supporter of Bitcoin, predicted that the asset’s price could reach $100,000 before the end of the year.

He asserted that BTC’s long-term fundamentals remain strong, and described the potential refund of billions of dollars from FTX to aggrieved investors as a price catalyst. Scaramucci believes that 40% to 50% of these people will re-enter the ecosystem after receiving their sums based on their loyalty to the industry.

The mass hoarding of Bitcoin would reduce the supply available in the market, increasing scarcity (if demand remains or increases). This can also indicate positive market sentiment, sparking more interest among participants and attracting additional investors.

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