Prediction: Major Bitcoin Correction to $21,500 Before Soaring to New Heights
Zach Anderson Dec 28, 2023 06:16
CryptoCon predicts a significant Bitcoin correction, possibly bottoming between $26,000-21,500, followed by a rally to $130,000 by late 2025, while other experts predict moderate price movement.
CryptoCon, a voice in the cryptocurrency analysis sphere, has recently shared via X an insightful prediction regarding Bitcoin's future trajectory. He asserts that Bitcoin, having topped around $45,000 a few weeks ago, is on the brink of a substantial correction. This correction could range between 38% and 52%, potentially bringing Bitcoin's value down to a bottom ranging between $26,000 and $21,500.
CryptoCon's analysis is grounded in technical indicators, specifically noting the LMACD crossing below the Descending Cycle Mid-Top Trend as a key signal of this impending correction. This anticipated downturn is not just a cause for concern but also presents a unique opportunity for investors. According to CryptoCon, this correction phase could offer investors who missed out on earlier favorable entry points during the “Green Year Accumulation” a chance to enter the Bitcoin market at more accessible prices. However, this drop could also trigger a shakeout of overleveraged long positions, adding a layer of risk to the market dynamics.
Furthermore, CryptoCon foresees a brighter future for Bitcoin post-correction, predicting a new all-time high (ATH) of around $130,000 by the end of 2025. This optimism is based on the Halving Cycles Theory, which suggests a significant uptick in Bitcoin's value approximately 21 days from November 28th, 2025.
In contrast to CryptoCon's prediction, a panel of experts surveyed by Finder.com suggests a more conservative outlook for Bitcoin. They predict an average value of $30,463 by the end of 2023, which is significantly lower than CryptoCon's bottom prediction. However, they anticipate a steady rise to $87,125 by 2025 and a substantial increase to $220,708 by 2030. These predictions are generally lower than their July 2023 forecasts, indicating a shift in market expectations.
Several experts, including Matiu Rudolph (COO of Layer One X) and Manraj Chandok (trader at Wirex), emphasize the influence of Bitcoin's halving event, expected in April 2024, on the cryptocurrency's price. They suggest that the halving, which reduces the block subsidy reward for miners, historically triggers significant price movements in Bitcoin. This event is expected to reignite interest in Bitcoin and potentially lead to a price surge.
The halving's impact is further reinforced by predictions from Finder.com's panelists, who anticipate the Bitcoin price peaking at around $32,442 by the end of 2023, with some expecting it to reach as high as $45,000. The lowest predicted value is around $22,622, with the potential to drop as low as $15,000.
Most recently, Bitcoin futures prices have demonstrated a sideways trading pattern, maintaining levels not far below their recent highs. This suggests a near-term technical advantage for bulls in the market, although they need to show renewed momentum to sustain an upward price trend.
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