Analysts Predict Bitcoin’s Potential Surge

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 23 2024

Should l Buy BTC?

Bitcoin Price Movement: Bitcoin's price recently dropped to $63,400, marking an 11% decrease since June 7, with altcoins experiencing sharper declines.
Analyst's Bullish Prediction: CrediBULL Crypto, a renowned analyst, predicts Bitcoin could reach $100,000 within 30 days and potentially rise further in the next 6 months.
Long-Term Price Predictions: Analysts from Bernstein Research revised their long-term Bitcoin price prediction to $200,000 by 2025, with a potential peak at $1 million by 2033.
Factors Influencing Bitcoin's Rise: To reach $100,000, Bitcoin purchases through ETF funds need to increase, and global market inflation issues, particularly in the United States, must be addressed.
ETF Fund Impact: Analysts suggest that spot Bitcoin exchange-traded funds could represent 7% of the total circulating supply by 2025, potentially impacting future price movements.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	35985.076	47992.538	60255.096	72262.558	84525.116	96532.578	108795.136
Fibonacci	47992.538	57263.686	62991.41	72262.558	81533.706	87261.43	96532.578

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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