Home Business News Exclusive predictions for Bitcoin price movement: Is it time to buy?

Exclusive predictions for Bitcoin price movement: Is it time to buy?

9th Jul 24 1:21 pm

Recent movements in the price of Bitcoin have led to widespread fear across the entire cryptocurrency market, with investors and traders concerned that the bull market may have come to an end.

However, in my view, things can change rapidly in the cryptocurrency space, with the potential for both short-term corrections and long-term recoveries.

Currently, Bitcoin (BTC) is facing difficulty breaking through the $58,500 resistance level but remains trading up by 2.93% at $57,260 at the beginning of trading today, Tuesday.

Data indicates that liquidations on Defi platforms exceed $17.94 million, and net liquidity flows on exchanges have reached an all-time high of 68,498 Bitcoin since November 23, 2023. Additionally, the German government converted an additional 1,000 Bitcoins, valued at $55.8 million, on the same day, which explains the current deep corrective downturn.

Therefore, I believe the cryptocurrency market has recently been under downward pressure due to this negative news, with market sentiment now at its highest levels of fear, uncertainty, and doubt. Hence, now may be an opportune time for risk-taking traders to buy and hold cryptocurrencies for the long term and capitalize on the opportunity while the market is in a state of decline and discouragement.

The sales of Bitcoin by German and American authorities are also putting pressure on its price. In recent weeks, German authorities sold their first cryptocurrency for a total of $195 million through various exchanges. The German parliament criticized the German authorities for selling Bitcoin.

In my view, these are the actions of Bitcoin whales, which in turn lead to a significant drop in assets as recently happened with Bitcoin. After a decade of inactivity, a dormant wallet transferred 1,004 Bitcoins worth $57 million to a new address, and since June 27, two wallets moved 9,301 Bitcoin, roughly $563 million, to Binance. In my opinion, this indicates that cryptocurrency market whales are prepared to buy Bitcoin at low levels and achieve significant profits in the long and medium term.

Overall, cryptocurrency prices have risen significantly today after a four-week downtrend. Bitcoin (BTC) rose to $58,000 during yesterday’s trading, while leading cryptocurrencies such as Ethereum (ETH), Solana (SOL), and XRP recorded modest gains.

Global cryptocurrency market capitalization also increased by 3.13% to reach $2.08 trillion today. At the same time, the total volume of the cryptocurrency market increased by 44.79% to $89.96 billion. This could change the entire trend in the coming months.

Regarding the relationship between Bitcoin halving events and its price cycle peak, it is noted that Bitcoin’s price has always reached its peak about two years after a halving event. For example, after the halvings that occurred in 2012, Bitcoin’s price reached its peak in 2014.

After Bitcoin’s third halving in 2020, its price reached an all-time high in 2022. Therefore, if history repeats itself, investors may see Bitcoin reaching high peaks and possibly new highs in 2026 at the latest in response to the fourth halving event in 2024.

Therefore, I believe investors and traders should remain confident in holding cryptocurrencies for the long term, as the potential profits they may achieve in the coming years could be substantial. It also seems to me that this holds for those who have amassed wealth from cryptocurrencies, as more than 70% of Bitcoin holders have typically held onto them for the long term, often for over a year.

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