After a major crypto capitulation last week, Bitcoin (BTC) has been striving to reclaim the support level of around $56,000. However, fear of further declines has driven the total digital asset valuation down by approximately 3.3 percent in the past 24 hours, settling at about $2.14 trillion early Monday.
In the short term, the absence of significant crypto events has amplified overall market pessimism.
Many analysts believe the crypto industry will mirror the major stock indexes’ ongoing bull run as the year progresses. Additionally, more miners are expected to resume operations after recently pausing to update their rigs. The fourth halving event’s impact will also become more apparent as institutional investors increasingly adopt Bitcoin and other digital assets.
Dive deeper to find out what analysts predict for the rest of the year, and whether Bitcoin can break free from this current struggle.
Timothy Peterson, a seasoned Bitcoin analyst and economist, predicts that bullish sentiment will likely return in the fourth quarter of 2024. According to Peterson, if Bitcoin closes July above $50,000, there’s a high probability it will remain above this level by October.
Statistically, Peterson suggests a 60 percent chance that Bitcoin will trade higher from its current level three months after a 25 percent drawdown from its all-time high. Conversely, he notes a 25 percent chance that Bitcoin will reach a new all-time high within the same period.
Bitcoin’s price has been stuck in its largest correction phase following significant gains since the start of last year. The mainstream adoption of Web3 protocols and digital assets, driven by institutional investors, has significantly boosted overall crypto liquidity and bullish sentiments.
It’s Starting to Look Bullish!
The likelihood of a bullish continuation later this year, amid the U.S. general election and anticipated interest rate cuts, remains relatively high. As the market navigates these developments, the future of Bitcoin and the broader crypto market continues to capture the attention of investors and analysts alike.
Read Also: Crypto Market Analysis: Bitcoin, Ethereum, and Altcoins Show Gains!
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