Here’s why Bitcoin (BTC) could hit another ATH this year: analysts

TL; DR

The price of Bitcoin has decreased by more than 8% to $65,200 in the last two weeks, but analysts expect it to rise to $72,000-$74,000 again and to exceed $100,000 by the end of 2024. High BTC open interest and negative exchange net flows indicate increased volatility and a bull run.

The next possible movement of BTC

The leading cryptocurrency is underperforming in terms of market capitalization. As of lateThis is because the price has fallen more than 8 percent in the last two weeks. currently, It trades at around $65,200 (per CoinGecko data), down 12 percent from its high in mid-March this year.

However, prominent industry participants and analysts expect a resurgence in the near future. One example is Crypto Rover (an X user with nearly 800,000 followers). He thinks BTC has a “bottom” and is now set to rise to $72,000-$74,000.

Note that on June 18, the value of the property dropped to $64,000 He returned some of the loss the next day.

The titan of crypto also enters with a possible rally above $100,000 by the end of 2024. The analyst based their prediction on BTC halving. took In April this year.

#Bitcoin time has come. ⌛️🚀

After the halving, it will take a few months before #BTC breaks the previous ATH.

This time is no different.

Be patient my friends. pic.twitter.com/cx26164J0D

— Titan of Crypto (@Washigorira) June 18, 2024

Half occurs every four years and decreases in half Release new assets daily. Historically, it has. Followed With a huge BTC price rally and the overall cryptocurrency market booming again.

On the other hand, Ali Martinez He argued BTC may reach the top of the cycle, assuming it reflects its performance in past bull runs. The analyst believes that the price may peak around December 2024 or October 2025.

A closer look at some key indicators

Important on-chain parameters such as BTC open demand and exchange network flow signal can be the future volatility and bull run. Bitcoin open interest refers to the total number of futures contracts such as futures or options. It has been resolved Christmas.

of Metrics Increase generally refers to fresh capital It's pouring. To the ecosystem, it indicates whether traders are opening new positions or adding to existing ones. However, it may indicate the opening of new short positions, which may lead to a decrease in prices due to increased selling pressure.

BTC open interest hit Very high in early June. Despite the retreat in the following days, the indicator is still not far from the peak Level (according to CryptoQuant data).

Through it, BTC exchange Net flow It has been largely negative over the past week, suggesting a shift away from central platforms to self-sustaining mechanisms. This It is considered Bullying because it immediately reduces sales pressure.