- Analysts predicted that Bitcoin’s price could reach $107,000 before a major sell-off, which could cause a drop to $50,000.
- Regardless, analysts remained optimistic about Bitcoin’s long-term potential.
Despite a recent decline in numbers Bitcoins [BTC] price, analysts remained optimistic about its long-term potential. At the time of writing, Bitcoin was priced $63,986.45, with a 24-hour trading volume of $25,273,209,651.
This reflected a price drop of -1.28% in the last 24 hours, but a price increase of 11.93% in the last seven days.
Analyst forecasts
Mikybull Crypto noted on
He claimed,
“I don’t know how this is going to happen, but I’m just going to follow what the card tells me, instead of emotion.”
Source:
CryptoCon, another analyst, noted,
“While there are still signs of acceleration in the #Bitcoin cycles, I sincerely hope that the original timing finds its way back. Perfect cycles of four years since the beginning, exactly 208 weeks.”
CryptoCon noted that the March 2024 high was an early deviation, resulting in a lower high in June. Despite these variations, he believed that the cycle patterns would persist in the long term.
The analyst further highlighted the potential for Bitcoin to follow historical patterns, citing BitTime and The Halving Cycles Theory, which predicted an initial top in June 2025 and a final top in December 2025.
He noticed,
“As much as I love the Halving Cycles Theory, I am ready for anything.”
Source:
Bitcoin technical analysis
AMBCrypto’s look at TradingView’s BTC/USDT 1-day chart revealed that the 9-day moving average (MA) was acting as a support level around $61,891.7 at the time of writing.
The recent price increase from the mid-June low indicated a possible continuation of the bullish trend.
Bitcoin’s price moving above the 9-day MA indicated positive short-term momentum.
Source: TradingView
The MACD (Moving Average Convergence Divergence) indicator showed a bullish crossover, with the MACD line above the signal line, reinforcing the upward momentum.
The histogram’s positive terrain further confirmed this bullish sentiment, suggesting that buying pressure could continue, potentially pushing prices higher.
At the time of writing, the Relative Strength Index (RSI) stood at 58.19, putting Bitcoin in a neutral zone but closer to overbought territory.
This suggested room for further upside, although traders should keep an eye out for possible overbought conditions.
Read Bitcoin’s [BTC] Price forecast 2024-25
Decrease in network activity
Meanwhile, active addresses have fallen from highs above 500,000 in January to around 243,000 at the time of writing.
Source: Santiment
Similarly, the number of transactions during this period has fallen from over 1.1 million to approximately 796,000. This reduction suggested reduced engagement and activity on the Bitcoin network.