Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-analyst-revises-price-target" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Analyst Revises Price Target</a><br></p>
<p style="text-align: justify">Bitcoin’s price stands at $61,600 as altcoins see widespread declines. The recent downturn from the $72,000 mark has led many altcoin <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> to increase their sell-offs. A well-known cryptocurrency analyst has updated their Bitcoin price target in light of these developments. What specifics are included in this new assessment? Why was there a need to revise the price prediction?</p>
<h2 id="why-did-the-analyst-adjust-their-prediction">Why Did the Analyst Adjust Their Prediction?</h2>
<p style="text-align: justify">The year began optimistically for 2024, but the situation became more complicated in the second quarter. Investors aiming for higher BTC peaks have been stuck in a broad range, unable to surpass the all-time high of $73,777. BitQuant, a popular <a href="https://en.bitcoinhaber.net/crypto-markets-bounce-back-with-bitcoin-and-ethereum-leading-the-charge" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>, had previously set a $95,000 target for BTC but has recently revised this forecast. The analyst now acknowledges that this target might not be achievable in the near term.</p>
<p style="text-align: justify">BitQuant admitted to misjudging Bitcoin’s local peak, initially predicting it to reach $49,000, only for it to stop at $48,955. Similarly, a $75,000 peak forecast for January was missed as BTC never hit that value. Although short-term predictions have proven inaccurate, the analyst maintains that Bitcoin will eventually reach $95,000, as the fundamentals remain unchanged.</p>
<h2 id="what-factors-could-influence-bitcoin-s-movement">What Factors Could Influence Bitcoin’s Movement?</h2>
<p style="text-align: justify">Critical moments are approaching for Bitcoin, with significant candle closures on the horizon. Despite reduced volumes, the three-month candle closure typically brings price volatility. Several major developments are expected in the coming days, ranging from potential ETF listing <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">announcements</a> to crucial U.S. economic data releases on Friday.</p>
<p style="text-align: justify">Additionally, 13F forms are starting to be uploaded to the SEC, revealing the extent of corporate buying in the second quarter by mid-August. For now, BTC is solidifying its liquidity at $60,000 and below.</p>
<h2 id="investor-insights">Investor Insights</h2>
<p style="text-align: justify">Here are some actionable insights for investors:</p>
<ul>
 <li>Monitor Bitcoin’s price action around the $60,000 mark for signs of liquidity strengthening.</li>
 <li>Keep an eye on upcoming ETF listing announcements and U.S. economic data for potential market impacts.</li>
 <li>Watch out for 13F form disclosures to gauge corporate interest in BTC.</li>
 <li>Be cautious of potential selling pressures from MTGOX, German, and U.S. Silkroad BTC holdings in July.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">However, looming risks in July, including possible sell-offs from MTGOX and other large BTC holders, have raised concerns among investors. The cryptocurrency market faces a critical decision point, with high volatility expected in July. Altcoin investors, in particular, should brace for significant fluctuations.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-analyst-revises-price-target" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Analyst Revises Price Target</a></h5>

Bitcoin Analyst Revises Price Target

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