TL;DR
- Cryptocurrency experts predict a possible violent Bitcoin collapse before reaching new all-time highs.
- Bitcoin’s growing market dominance could signal a sharp decline, according to analyst Mikybull Crypto.
- Despite a possible drop, Bitcoin is expected to reach values between $95,000 and $142,000 in the future.
Over the past few weeks, Bitcoin (BTC) has been struggling to break above and stay above the critical $60,000 level.
Some cryptocurrency experts are warning of the possibility of a massive crash before this digital asset can continue its journey to new all-time highs.
Here is further data on the Bitcoin dominance cycle top confirmation.
The crash down will be as violent as it was after the cycle bottom signal.#Altcoins https://t.co/Wjj8hS2oDR pic.twitter.com/qessQyQI92
— Mikybull 🐂Crypto (@MikybullCrypto) August 12, 2024
These types of predictions are not unusual in the volatile cryptocurrency market, where price surges and falls are common and often unpredictable.
Crypto market analyst Mikybull Crypto has shared his observations in a recent post, suggesting that Bitcoin’s increasing dominance in the market could be a sign of an impending hard crash.
Historically, when Bitcoin has reached high levels of dominance, a major correction in its price has occurred.
This phenomenon is due to the fact that investors tend to diversify their portfolios after a period of overwhelming Bitcoin dominance, leading to a redistribution of capital towards other cryptocurrencies.
Despite warnings of a possible crash, Mikybull Crypto also highlights that Bitcoin could make a strong comeback after the correction.
The analyst predicts that Bitcoin’s next target in its expansion phase could be to reach $95,000 and subsequently $142,000.
These figures would represent new all-time highs for the largest asset in the cryptocurrency sector by market capitalization, reflecting significant growth potential once the potential decline is overcome.
Other analysts have expressed similar opinions on Bitcoin
Analyst TheMoonCarl has indicated that Bitcoin is facing a key resistance, which if it manages to overcome, could lead it to reach a price target of $125,000 in the near future.
This analysis is based on the chart pattern known as ‘cup and handle’, which is seen as a bullish signal.
On the other hand, TheScalpingPro believes that Bitcoin is within a possible parabolic curve that could accelerate its price towards a selling point around $180,000.
The volatility of the cryptocurrency market is a factor well known to investors. Bitcoin, despite being the most established cryptocurrency, is not exempt from these fluctuations.
Currently, the price of Bitcoin is around $59,130, with a slight increase in the last 24 hours.
Although the market may experience temporary corrections, analysts remain optimistic about Bitcoin’s future performance.
The technology behind Bitcoin and its growing adoption as a store of value continue to drive its relevance in the financial world.
It is important to note that, despite optimistic forecasts, cryptocurrency investments carry significant risks.
The speculative nature of the market means that prices can change rapidly due to external and internal factors, such as regulatory changes, technological innovations and variations in consumer demand.
For investors, it is crucial to conduct thorough research and understand the risks before committing to significant cryptocurrency investments.
Financial education and market analysis are essential tools for navigating this dynamic environment.
As Bitcoin continues to evolve, its role in the global market and its ability to reach new all-time highs will continue to be topics of great interest to investors and analysts alike.
