2024

Cryptocurrency

Galaxy

Bitcoin

<p class="is-style-lead">Bitcoin price has remained in a tight range in the past few weeks. It peaked at $71,935 last week, where it found substantial resistance. <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a> was trading at $68,000 on Thursday, down by about 8% below its highest point this year.</p> 
<h2 class="wp-block-heading" id="analysts-are-bullish-on-bitcoin">Analysts are bullish on Bitcoin</h2> 
<p>Cryptocurrency experts are increasingly bullish on Bitcoin prices. In April, Cathie Wood of Ark Invest upped her long-term price target to $3.8 million, making her one of the most bullish investment pros in the industry.</p> 
<p>Most recently, Michael Novogratz, the billionaire founder of Galaxy Digital, said that Bitcoin will end the year at a more reasonable $100,000 level. </p> 
<p>In an X post, another crypto expert named CryptoCon noted that the coin will end the year at $91,539.&nbsp;</p> 
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   <p lang="en" dir="ltr">$91,539 target left untouched and unchanged for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a>.<br><br>Taking some time to reach it at Level 3 of the Magic bands but it's the next step.<br><br>All in due time… <a href="https://t.co/Pwimj05ZQb" target="_blank" rel="">pic.twitter.com/Pwimj05ZQb</a></p>— CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1801005749990011190?ref_src=twsrc%5Etfw" target="_blank" rel="">June 12, 2024</a>
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<p>Robert Kiyosaki of the <em>Rich Dad, Poor Dad, </em>noted that Bitcoin woud surge to $350,000 by the end of next summer.</p> 
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   <p lang="en" dir="ltr">BITCOIN will be $350,000 by August 25, 2024 is not a lie. It’s a prediction. It’s speculation, it’s an opinion, but it’s not a lie. It’s suckers bait, but it’s not a lie becuase any prediction about the future is not a lie. I want $350,000 BITCOIN to be a fact, and I want it to…</p>— Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1798476195232973066?ref_src=twsrc%5Etfw" target="_blank" rel="">June 5, 2024</a>
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<h2 class="wp-block-heading" id="the-bullish-case-for-bitcoin">The bullish case for Bitcoin</h2> 
<p>Analysts have mostly identified several bullish catalysts for Bitcoin. First, more institutions are buying Bitcoin as evidenced by the performance of the <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="">spot Bitcoin ETFs</a>. These funds now hold over 880k coins valued at over $60 billion. <a href="https://crypto.news/microstrategy-to-buy-more-bitcoin-after-raising-500m/" target="_blank" rel="">MicroStrategy is also seeking to add more Bitcoins</a>.&nbsp;</p> 
<p>Second, Bitcoin supply growth has stalled because of the recent halving event. Most Bitcoin mining companies have reported a sharp drop in production. <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Releases-May-2024-Bitcoin-Mining-Update/default.aspx" target="_blank" rel="nofollow">CleanSpark mined</a> 417 coins in May, down from 721 in April.</p> 
<p>Similarly, Riot Platforms mined 215 coins in May <a href="https://www.riotplatforms.com/riot-announces-may-2024-production-and-operations-updates/" target="_blank" rel="nofollow">down from 375</a> in April while Marathon Digital produced 616 coins down from 850 in April.</p> 
<p>At the same time, Bitcoin <a href="https://www.coinglass.com/Balance" target="_blank" rel="">balances in exchanges</a> have continued falling in the past few months. Therefore, a combination of rising demand and falling supplies is a sign that the coin could continue rising.</p> 
<p>Third, the regulatory environment has become clearer in the United States, a move that could see large banks like JPMorgan and Goldman Sachs start offering custody solutions.</p> 
<p>Additionally, Bitcoin seems like a better currency than the US dollar as its supply increases and US public debt explodes. Unlike the USD, which has one node and unlimited supply, Bitcoin is a decentralized network with a maximum supply limit of 21 million.</p> 
<h2 class="wp-block-heading" id="bitcoin-price-forecast">Bitcoin price forecast</h2> 
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<p><em>BTC daily chart</em></p> 
<p>Bitcoin’s daily chart is sending mixed signals. On the positive side, it has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also formed what looks like an inverse head and shoulders pattern, a popular bullish sign. This pattern means that the token will have a bullish breakout, to possibly $80k, if it moves above the year-to-date high.</p> 
<p>On the other hand, Bitcoin has formed a small double-top pattern at $72,000. In price action analysis, this is one of the most popular bearish signs in the market. A volume-supported drop below its neckline at $66,672 will point to more downside to $60,800 (March 20th low)</p>

Crypto experts deliver exciting Bitcoin price forecasts

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