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Crypto experts provide exciting Bitcoin price predictions
The price of Bitcoin has remained in a tight range for the past few weeks. Last week it reached a peak of $71,935, where it found substantial resistance. Bitcoin it traded at $68,000 on Thursday, down about 8% from its high point this year.
Analysts are bullish on Bitcoin
Cryptocurrency experts are increasingly optimistic about Bitcoin prices. In April, Ark Invest’s Cathie Wood raised her long-term price target to $3.8 million, making her one of the most bullish investment professionals in the industry.
More recently, Michael Novogratz, the billionaire founder of Galaxy Digital, said that Bitcoin will end the year at a more reasonable $100,000 level.
In a post on X, another cryptocurrency expert named CryptoCon noted that the coin will end the year at $91,539.
Robert Kiyosaki of Rich Dad, Poor Dad noted that Bitcoin will rise to $350,000 by the end of next summer.
BITCOIN will reach $350,000 by August 25, 2024 is not a lie. It’s a prediction. It’s speculation, it’s an opinion, but it’s not a lie. It’s idiot bait, but it’s not a lie because any prediction about the future is not a lie. I want $350,000 BITCOIN to be a fact, and I want it…
— Robert Kiyosaki (@theRealKiyosaki) June 5, 2024
The bull case for Bitcoin
Analysts have mostly identified several bullish catalysts for Bitcoin. First, more and more institutions are buying Bitcoin, as evidenced by the market performance Spot Bitcoin ETF. These funds now hold over 880,000 coins worth over $60 billion. MicroStrategy is also looking to add more Bitcoin.
Secondly, Bitcoin supply growth has stalled due to the recent halving. Most Bitcoin mining companies have reported a sharp decline in production. CleanSpark extracted 417 coins in May, down from 721 in April.
Similarly, Riot Platforms mined 215 coins in May down from 375 in April, while Marathon Digital produced 616 coins down from 850 in April.
At the same time, Bitcoin balances in trade have continued to decline in recent months. Therefore, a combination of increasing demand and decreasing supply is a sign that the coin may continue to rise.
Third, the regulatory environment has become clearer in the US, a move that could see big banks like JPMorgan and Goldman Sachs start offering custody solutions.
Furthermore, Bitcoin looks like a better currency than the US dollar as its supply increases and US government debt explodes. Unlike the USD, which has one node and unlimited supply, Bitcoin is a decentralized network with a maximum supply limit of 21 million.
Bitcoin price prediction
BTC daily chart
Bitcoin’s daily chart sends mixed signals. On the bright side, it has consistently remained above the 50-day and 100-day exponential moving averages (EMAs). It has also formed what looks like an inverse head and shoulders pattern, a popular bullish sign. This pattern means the token will have a bullish breakout, possibly to $80,000, if it moves above its year-to-date high.
On the other hand, Bitcoin has formed a small double-top pattern at $72,000. In price action analysis, this is one of the most popular bearish signals in the market. A decline below the neckline at $66,672, supported by volume, will indicate a further decline to $60,800 (March 20 low).