Can Bitcoin Enter The “Banana Zone’ And Hit $150k This Year? Real Vision Analysts Say It’s Possible
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin (BTC), the leading cryptocurrency, is currently grappling with a downward trend and remains under pressure. It hovered below the $62,000 mark and hit an intra-day low of $61,530.
This decline can be largely attributed to profit-taking, as investors are selling off their Bitcoin holdings to secure gains after recent price increases.
This wave of selling pressure has led to a temporary dip in Bitcoin’s value, as traders capitalize on their profits and create a short-term decline in the market.
Bitcoin slips below $62K, down 5% since Friday’s rally. Ethereum drops over 5% too, dragging the ETH/BTC ratio to a 3 year low.
The broader market isn’t spared either. #Crypto #BTC #ETH pic.twitter.com/crpyMRtRiR
On the brighter side, the recent losses in BTC might be short-lived. Analysts are optimistic about the future, suggesting that the anticipated “batshit season” could potentially drive Bitcoin’s price to new heights, with projections indicating a possible surge to $150,000 by the end of 2024.
This optimism implies that while the current short-term dips may present challenges, substantial gains could be on the horizon as the market recovers and advances.
Bitcoin is anticipated to enter a phase of extreme volatility, often referred to as “batshit season,” with predictions suggesting a potential price surge to $150,000 by the end of 2024.
Jamie Coutts, a Real Vision analyst, highlights a historical trend where Bitcoin has reached new all-time highs within a year following previous peaks in the US Dollar Index.
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