Cryptocurrency professionals provide thrilling predictions for Bitcoins price
Bitcoin has been trading within a narrow range over the past few weeks, hitting a peak of $71,935 last week before facing significant resistance. As of Thursday, BTC was trading at $68,000, representing an 8% drop from its recent high.
There is a growing bullish sentiment among cryptocurrency experts regarding Bitcoin’s price. Cathie Wood of Ark Invest raised her long-term price target to $3.8 million in April, establishing herself as one of the most optimistic investment professionals in the industry. Meanwhile, Michael Novogratz, the billionaire founder of Galaxy Digital, predicted that Bitcoin would reach $100,000 by the end of the year. Another crypto expert known as CryptoCon suggested that the coin could reach $91,539 by the same time frame. Robert Kiyosaki, author of “Rich Dad, Poor Dad,” forecasted a surge to $350,000 by the following summer.
The bullish case for Bitcoin is supported by several factors. Institutional interest in Bitcoin has been growing, as evidenced by the performance of spot Bitcoin ETFs, which now hold over 880k coins valued at $60 billion. Companies like MicroStrategy are looking to increase their Bitcoin holdings. Additionally, the recent halving event has led to a slowdown in Bitcoin supply growth, with many mining companies reporting decreased production.
Furthermore, Bitcoin balances on exchanges have been declining, indicating a potential supply shortage as demand continues to rise. The regulatory environment in the United States has also become more favorable, potentially leading to major banks like JPMorgan and Goldman Sachs offering custody solutions for Bitcoin.
In terms of technical analysis, Bitcoin’s daily chart is showing mixed signals. While the coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA) and has formed an inverse head and shoulders pattern, signaling a potential bullish breakout to $80,000, there is also a double-top pattern at $72,000, which could lead to a drop to $60,800 if the coin falls below $66,672 with volume support.
