Bitcoin’s price has recently lost momentum, entering a bear market amid several challenges. Last week, BTC dropped to a multi-month low of $53,540, the lowest point since February. However, it has since recovered some losses and was trading at $57,200 on Monday. This price movement has divided crypto experts. Some believe Bitcoin remains in a bullish trend and that the recent sell-off is temporary.

Expert Predictions for Bitcoin

In a recent statement, a Standard Chartered analyst projected that Bitcoin could end the year above $100,000, suggesting an approximate 75% gain from its current level. This optimistic view is attributed to ongoing institutional demand and the potential for favorable regulations if Donald Trump becomes the next US president. Trump has garnered support from the crypto community, including campaign financing from the Winklevoss Twins and Jesse Powell, the founder of Kraken.

Ki Young Ju, the founder of CryptoQuant, a leading on-chain analytics company, also remains optimistic. He noted that the bullish cycle is unchanging, though he expects Bitcoin could drop to $47,000 before rising to $112,000 next year.

I believe the #Bitcoin bull cycle will continue until early next year. For those trading in spot, it would be wise to DCA while keeping in mind that it could drop to $47K from here. If you are not an experienced futures trader, do not open high-leverage long or short positions…

Factors Influencing Bitcoin’s Future

Analysts have cited several reasons why Bitcoin’s price could resume its bullish trend. One key factor is the high likelihood that the Federal Reserve will start cutting interest rates soon, following last week’s jobs data. The report indicated that the economy added over 200,000 jobs, while the unemployment rate rose to 4.1%. As a result, analysts at Citigroup and ING predict the Fed will start cutting rates in September. Fed rate cuts are generally bullish for Bitcoin, especially given the $6.15 trillion invested in money market funds. These risk-averse investments could rotate to riskier assets like tech stocks and Bitcoin.

Bearish Outlook

On the flip side, some crypto analysts believe Bitcoin’s price could continue falling. One common argument is that the coin has dropped below the double top’s neckline, indicating more downside as traders target key support at $44,000. Peter Brandt, a notable trader, recently questioned whether Bitcoin has completed a double top, pointing to a minimum target of $44,000.

Has Bitcoin completed a double top? Yes or no???? If yes, the minimum target is $44,000. What do you think?

Bears also highlight ongoing liquidations by the German government, Mt. Gox wallets, whale activity, and Bitcoin miner capitulation. For instance, according to LookOnChain, a Bitcoin whale deposited $45.18 million to Binance on Monday and has moved coins worth $468 million since June 27th. The German government has also continued moving coins to exchanges, increasing Bitcoin balances on exchanges, which is often a bearish sign.

Current Bitcoin Price Action

Bitcoin’s price charts reveal several risks, particularly the double-top pattern at $72,000. The coin has also dropped below the 200-day moving average and retested the double-top’s neckline at $56,000. Consequently, the recent rebound could be part of a dead cat bounce, potentially pushing Bitcoin prices lower in the near term. If this occurs, Bitcoin could drop to the next key support at $44,000. However, in the long term, there is a possibility that the coin will rebound to over $100,000.

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