Bitcoin Price Predicted to Drop Below $38,130
Cryptocurrency analyst Ali Martinez has shared a concerning prediction for the short-term price of Bitcoin. Martinez believes that the recent market crash will cause Bitcoin’s price to drop below $38,130, which could lead to losses for short-term holders. This decline may trigger panic selling among short traders as they try to minimize their losses.
Bearish Shift Temporary, Long-Term Bull Cycle Expected
Martinez also noted that the bearish shift in Bitcoin’s price is temporary and predicts that the bull cycle will peak in late 2025. He compared the current state of Bitcoin to previous bull runs and estimates that BTC could reach a new peak by October 2025. This suggests a long-term bullish momentum for Bitcoin and potential profits for long-term investors.
Historical Trends Show More Price Correction
Charlie Bilelo, Chief Market Strategist at Creative Planning Investor, pointed out that historical trends indicate further price correction for Bitcoin. Whenever significant events occur in BTC’s history, there are notable price corrections. Bilelo highlighted the 84% pullback after the December 2017 bull run and the 78% retracement after the October 2021 bull run. He also mentioned the 20% pullback following the approval of BTC Spot ETFs by the SEC earlier this year.
Current State of Bitcoin
As of now, Bitcoin’s price is at $40,088, representing a more than 5% decline in the past week. The market cap and trading volume of Bitcoin have also decreased by 0.35% and 31% respectively.
Hot Take: Short-Term Dip but Long-Term Potential for Bitcoin
While the short-term outlook for Bitcoin may be bearish, with predictions of a price drop below $38,130, analysts believe that this is temporary and that a long-term bull cycle is on the horizon. Historical trends suggest that price corrections are a normal part of Bitcoin’s journey, and despite the current decline, there is potential for future profits in the long term. It’s important for investors to consider these factors and make informed decisions based on their investment goals and risk tolerance.
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