News View Non-AMP

Bitcoin’s Next Move: $118K Peak or 30% Crash Ahead?

Published by
Mustafa Mulla

Bitcoin, the world’s leading cryptocurrency, has been on a remarkable journey in 2024, surging more than 100% since the year began. Most of these gains have come in the last few months, pushing its market capitalization to an eye-popping $1.83 trillion. But after such a massive rise, many are asking: What’s next for Bitcoin?

With analysts forecasting two very different paths, it’s clear that the next moves for Bitcoin could be dramatic. Could we see a climb toward $118,000, or will Bitcoin face a painful drop of 20%-30% in the coming weeks?

Let’s explore.

Bitcoin Hits New Highs – But What’s Next?

Bitcoin (BTC) recently soared to an all-time high (ATH) of $93,207 before experiencing a slight pullback, stabilizing around $87,000. Meanwhile, the current surge can be attributed to two major factors. First, the recent U.S. presidential election result, which saw Republican candidate Donald Trump secure victory, has brought optimism to the market. 

Second, the Federal Reserve’s decision to cut interest rates by 25 basis points to a range of 4.50% to 4.75% has created a more favorable environment for assets like Bitcoin, attracting even more investors into the market.

Bitcoin Price Action Analysis – 2 Scenarios

Analysts have laid out two possible paths for Bitcoin’s future price movement:

  • Plan A: Bitcoin could continue its rally, rising another 10% to 20%, bringing the price to between $104,000 and $118,000. However, this rise would likely be followed by a correction of 20%-30%, which would bring Bitcoin back down to a more stable level.
  • Plan B: Bitcoin might stabilize at its current levels, with a modest rise toward recent highs before facing a 20%-30% correction. If this happens, Bitcoin’s price could fall to around $69,000 to $79,000.

Is a Correction Coming?

These two scenarios highlight potential volatility in Bitcoin’s price. One concern for traders is Bitcoin’s daily relative strength index (RSI), which is currently in overbought territory. When the RSI exceeds 70, it indicates strong buying momentum that might be running out, suggesting a possible pullback.

As Bitcoin continues its climb, traders and investors should stay alert to market signals. This makes for an exciting and unpredictable few months!

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Two Key Dates for XRP: May 1st and June 9th, Here’s Why

While several financial firms are racing to launch an XRP exchange-traded fund (ETF), the biggest…

April 29, 2025

Will Donald Trump Create a Bitcoin Reserve Tomorrow?

As President Donald Trump marks his first 100 days back in office with a rally…

April 29, 2025

ProShares XRP ETF Won’t Launch on April 30, Says Bloomberg Analyst James Seyffart

Recently, several crypto media outlets mistakenly reported that the SEC had approved ProShares’ XRP ETFs…

April 29, 2025

XRP Price Prediction Today: When Will Ripple Rally?

XRP is showing strength after breaking above a key Fibonacci resistance area earlier this week.…

April 29, 2025

FTX News: Lawsuits Filed to Recover Assets and Boost FTX Repayment

Even after FTX collapse, the exchange isn't stepping out of the spotlight. In the latest…

April 29, 2025

Tornado Cash vs OFAC Update: Court Prohibits Department of Treasury from Reinstating the Original Sanctions

The Tornado Cash victory against OFAC is a major milestone for the web3 and DeFi…

April 29, 2025