Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Bitcoin’s (CRYPTO: BTC) performance continues to be a topic of debate among analysts, with one foreseeing fresh peaks within two weeks, while another predicts a deeper washout.
What Happened: Pseudonymous crypto analyst DonAlt believes that Bitcoin technically washed out below $60,000 by briefly dropping to $59,500, and he anticipates a potential further decline.
However, the mini washout caused a bounce, and if this bounce reclaims $68,000, he warns that bears could find themselves in a precarious position. “Until then I’m assuming it’s a tired complacency bounce,” he added.
On the other hand, trader Bluntz Capital predicts a new all-time high for Bitcoin within the next one to two weeks. According to his analysis, Bitcoin is currently in wave 5 of a larger wave 3, with several more legs higher still to come. He estimates the crypto king to peak at around $120,000 this cycle.
expecting fresh #btc ath within the next 1-2 weeks.from a macro standpoint i think were currently in a wave 5 of a larger w3 with a few legs higher still to come.
ultimately expecting us to top out around 120k this cycle. pic.twitter.com/rX11SEUPf0
— Bluntz (@Bluntz_Capital) April 22, 2024
Also Read: Bitcoin Miners Upgrade Infrastructure, Embrace AI to Prepare For Dip In Revenue After Halving
Why It Matters: IntoTheBlock data indicates a 28.1% surge in large transactions volume to $29.79 billion, while daily active addresses increased by 12.8% to 579,040.
While these analysts’ perspectives are closely monitored by traders, it is essential to conduct thorough research and maintain a cautious approach to investment strategies. Their analyses could influence market sentiment and potentially impact Bitcoin’s price movements in the coming days.
As Bitcoin miners upgrade their infrastructure and embrace AI to prepare for the dip in revenue after the Bitcoin Halving, the cryptocurrency market remains dynamic and subject to various influences and predictions.
Price Action: At the time of writing, Bitcoin was trading at $66,577, up 2.8% on the day.
What's Next: Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Shrugs Off Fourth Halving: Miner Rewards Halved, Price Holds Strong
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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