Renewed Bull Run or a Plunge Below $55K?

TL;DR

• Bitcoin has rebounded past $63,000 with predictions suggesting it might reach near $110,000 by the end of the year, influenced by factors like the recent halving which typically precede major rallies.
• While some analysts expect potential drops, prominent figures project extremely optimistic long-term values for Bitcoin, with forecasts up to $1 million.

BTC’s Next Possible Move?

After trading in the red for a few days, the primary cryptocurrency headed north on May 10, surpassing the $63,000 mark. Many analysts believe the uptick will continue in the following months and lead to unseen peaks.

One person supporting that thesis is the popular X user Titan of Crypto. The trader observed the Fibonacci circles on BTC’s price chart, assuming that the cycle’s top of almost $110,000 may occur by the end of this year. 

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

Captain Faibik and Mikybull Crypto were also bullish. The former claimed that BTC is still in a consolidation phase and a breakout “is just a matter of time.” The trader predicted that the next green wave will push the asset’s value to $78,000.

Mikybull Crypto suggested that Bitcoin is in “final preparation for a post-halving massive rally.” Recall that the asset’s latest halving (which slashed the rewards to miners for validating blocks on the blockchain in half) occurred less than a month ago. 

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

It is worth noting that some analysts outlined somewhat bearish predictions. Such is the example of Michael van de Poppe, who believes BTC could drop to the $52,000-$55,000 range should it plunge below the major support zone of $61,000.

The Ultimate Bulls

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

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

Adam Back, CEO of Blockstream, chipped in six months ago, envisioning a rally to a whopping $700,000 in the near future. He also assumed that BTC’s market cap may surpass that of physical gold. As of the moment, the cryptocurrency’s market cap stands at approximately $1.25 trillion, whereas the yellow metal has almost $16 trillion.

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