bitcoin (btc), the largest cryptocurrency on the market, has once again taken the lead in the crypto landscape. However, this time it comes with a sense of caution among investors caused by macroeconomic data, particularly from the United States.
Additionally, the resulting outflows of over $600 million from the primary market of the digital asset ecosystem, such as reported by asset manager CoinShares, have expressed concerns about possible price corrections soon.
In this context, renowned analysts and technical experts have intervened to share their ideas and predictions about the future trajectory of bitcoin.
crypto Experts Warn of Imminent bitcoin Correction
Cryptoanalyst Timothy Peterson, on a social network x.com/nsquaredvalue/status/1802761742046707960″ target=”_blank” rel=”nofollow”>mail on x (formerly twitter), highlights bitcoin's substantial 65% increase in the last six months. However, based on ten years of historical data, Peterson suggests a 90% chance that btc will experience a 10-20% drop in the next 90 days, bringing the btc price below the key threshold of $60,000.
On a more optimistic note, Peterson noted that there is also a two-thirds chance that bitcoin will end the next three months with a 50% increase. This projection places bitcoin's average price trajectory at $65,000, followed by $52,000, and potentially reaching $98,000 in October.
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Backing these predictions, technical analyst Rekt Capital x.com/rektcapital/status/1802690878210732177″ target=”_blank” rel=”nofollow”>Point out that bitcoin tends to form price action clusters near the upper resistance range of $71,600. Historical patterns indicate that these groups often precede downward moves, leading to lower levels within the range.
According to Peterson's analysis, this correction could potentially send bitcoin price down to around $56,000, similar to the previous correction seen after its all-time high of $73,700 in March.
Is btc's post-halving trajectory on track?
Rekt Capital more x.com/rektcapital/status/1802007242595512538″ target=”_blank” rel=”nofollow”>emphasize that bitcoin is trading within its normal reaccumulation chart after the Halving event. This reaccumulation phase generally begins a few weeks before the Halving and concludes with a breakup months later.
The analyst further shared that bitcoin's current reaccumulation range is estimated to be between $60,000 and $70,000, with price fluctuations within this range. This phase aims to stabilize the price of bitcoin, preparing it for the next phase of the cycle: the “Parabolic Phase”.
Rekt Capital suggests that the reaccumulation phase may last several months, potentially up to 150 days. When leaving the reaccumulation areabitcoin enters a parabolic uptrend characterized by accelerated growth.
Taking the timeline into account, the market is now two months into the bitcoin halving and the current price action aligns with the previous 60-day post-halving periods.
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In summary, considering the scenarios presented by analysts, btc is anticipated to remain within its established range, possibly undergoing deeper corrections before embarking on an upward trajectory towards further price appreciation and the potential to reach new all-time highs. .
At the time of writing, btc has shown a recovery in the past hour, witnessing a surge after hitting a Monday low of $65,000. Currently, it is trading at $66,800.
Featured image of DALL-E, chart from TradingView.com
