Renewed Bull Run or a Break Below $55,000?

TL;DR

Bitcoin has recovered beyond $63,000, with predictions suggesting it could reach close to $110,000 by the end of the year, influenced by factors such as the recent halving that typically precedes major rallies. While some analysts expect potential falls, prominent figures project extremely bullish long-term values ​​for Bitcoin, with forecasts as high as $1 million. BTC’s Possible Next Move?

After trading in the red for a few days, the major cryptocurrency headed north on May 10, breaking above the $63,000 mark. Many analysts believe that the increase will continue in the coming months and lead to unseen peaks.

One person who supports this thesis is popular Crypto user X Titan. The trader observed Fibonacci circles on the BTC price chart, suggesting that the top of the cycle near $110,000 could occur later this year.

“It’s a conservative price prediction. I think it will beat it”, the analyst added.

Captain Faibik and Mikybull Crypto were also optimistic. The former stated that BTC is still in a consolidation phase and a breakout “is only a matter of time”. the trader predicted that the next green wave will increase the value of the asset to $78,000.

Mikybull Crypto suggested that Bitcoin is in “final preparation for a massive post-halving rally.” Remember that the last asset halving (which halved the rewards to miners for validating blocks on the blockchain) happened less than a month ago.

Historically, the event has resulted in a huge resurgence for the entire cryptocurrency market, with many industry participants expecting the same scenario in the coming months.

It’s worth noting that some analysts sketched somewhat low predictions. Such is the example of Michael van de Poppe, who cross BTC could fall to the $52,000-$55,000 range if it breaks below the key $61,000 support zone.

The Ultimate Bulls

Other prominent figures, including Robert Kiyosaki, Adam Back, Michael Saylor, and Cathie Wood, have come up with much more optimistic BTC price forecasts over the past few years.

Two months ago, the best-selling author of “Rich Dad, Poor Dad” projected that the asset’s value could rise to $300,000 by the end of 2024. He later changed his prediction to $100,000.

Blockstream CEO Adam Back stepped in six months ago, envisioning a $700,000 rally in the near future. He also assumed that the market cap of BTC could surpass that of physical gold. At the moment, the cryptocurrency’s market capitalization is approximately $1.25 trillion, while the yellow metal has nearly $16 trillion.

The most bullish predictions come from Michael Saylor (Executive Chairman of MicroStrategy) and Cathie Wood (CEO of Ark Invest). Both see BTC trading at $1 million in the future.

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