Bitcoin (BTC) Analysts Predict Another All-Time High in 2021
Bitcoin has experienced a slight setback in its price, dropping by more than 8% in the last fortnight to approximately $65,200, as per data from CoinGecko. This marks a 12% decrease from its peak in mid-March this year.
Despite this recent dip, industry experts and analysts are optimistic about a potential upswing in the near future. Crypto Rover, a prominent figure in the space with a substantial following, believes that Bitcoin has hit its lowest point and is now set to surge to the $72,000-$74,000 range. The digital asset had fallen to $64,000 on June 18 but managed to recover some of the losses the following day.
Another analyst, Titan of Crypto, foresees a potential rally that could see Bitcoin surpass the $100,000 mark by the end of 2024. This forecast is largely based on the Bitcoin halving event that occurred in April this year.
The halving, which takes place approximately every four years, cuts the daily issuance of new coins in half. Historically, this event has been accompanied by a significant surge in the price of Bitcoin and a resurgence in the broader cryptocurrency market.
Looking ahead, analyst Ali Martinez suggests that Bitcoin could reach its peak performance in line with previous bull runs, potentially hitting its cycle top around December 2024 or by October 2025.
Key on-chain metrics, such as Bitcoin open interest and exchange netflow, indicate a potential increase in volatility and the likelihood of a bull run. Bitcoin open interest, which measures the total number of outstanding derivative contracts yet to be settled, reached an all-time high at the beginning of June. Despite a subsequent decline, the metric remains close to its peak levels.
On the other hand, Bitcoin exchange netflow has predominantly been negative in recent days, signaling a shift from centralized platforms to self-custody methods. This shift is viewed as positive as it reduces immediate selling pressure on the market.
In conclusion, while Bitcoin may have faced a recent price drop, the overall sentiment among experts is optimistic, with expectations of a rebound in the near term and the potential for significant price milestones in the coming years.
