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Plunge to $44K or Surge to $112K: Bearish and Bullish Bitcoin Price Predictions

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The past several months were highly volatile for bitcoin, with price movements that took it from under $60,000 to almost $110,000 and a subsequent crash to below $80,000.

Although the last week or so has been a lot quieter, that could be the calm before the storm. Here are the bullish and bearish scenarios for the next months, according to Ali Martinez.

Bears vs. Bulls

Isn’t that the oldest question in the financial markets? Who has the upper hand? Up until two months ago, it was evident that the bulls dominated the crypto market. Zooming out – it seemed as if the bears were in control in 2022 and at least half of 2023. So, what’s next?

Martinez outlined two possible scenarios for BTC for the upcoming months using the pricing bands. The bullish side sees BTC gaining $10,000 from its current level to reclaim the $94,000 resistance. Should that occur, the cryptocurrency could be on its way toward a new all-time high at $112,000.

Such a move would put its market capitalization above $2.2 trillion, which would make BTC more valuable than silver, Alphabet, and Amazon (should their valuations remain the same).

The bearish scenario, though, is a lot more eventful (and, expectedly, painful). If bitcoin is to lose the $76,000 support, which was tested last week, it could plummet to $58,000 or even $44,000. A drop to the latter would represent a nearly 50% crash for BTC from its current price.

Who Could Influence the Next Big Move?

Although macroeconomic developments, such as rising/falling inflation and interest rates, wars, political changes, and more, indeed impact the crypto market, it’s ultimately the investors who hold the assets that decide whether to panic sell, HODL, or buy more.

As such, CryptoQuant recently looked into the particular type of investors that own a bigger portion of the asset’s supply. The analysis determined that 78% of the realized capitalization is in the hands of whales and institutions.

“This indicates that a significant portion of Bitcoin’s realized value is concentrated in high-value UTXOs, reflecting the substantial influence of large holders on the market’s realized cap,” – reads the laporan, indicating that these investors hold BTC’s price future in their hands.

Pos Plunge to $44K or Surge to $112K: Bearish and Bullish Bitcoin Price Predictions muncul pertama kali di CryptoPotato.

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