Bitcoin’s Sudden Rebound And Liquidations
The from Coinglass provide a clearer picture of the impact, showing that around 60,388 traders and counting faced losses exceeding $200 million in just 24 hours.
Analysts and traders are now closely watching the market for signs of Bitcoin’s next move, with speculation about the potential for new record highs in the near term.
Looking Ahead: Bitcoin Bullish Prospects
Crypto analyst Cryptoyoddha has provided an optimistic outlook for Bitcoin’s future, suggesting that the cryptocurrency is on the cusp of entering a new phase of its cycle that could see it reaching unprecedented heights.
According to Cryptoyoddha, Bitcoin’s historical pattern of accumulation, followed by a parabolic surge, sets the stage for what he terms “Cycle IV,” a period that could potentially elevate Bitcoin’s value to $150,000 or more.The real pump will start after the halving next month. — Yoddha (@CryptoYoddha)
Meanwhile, Bernstein analysts Gautam Chhugani and Mahika Sapra recently updated their forecast for Bitcoin’s year-end price, elevating it from an initial $80,000 to $90,000.
This adjustment was prompted by notable factors such as the robust inflow into Spot Bitcoin ETFs and earnings from mining activities, which have contributed to a more optimistic outlook on Bitcoin’s valuation.Additionally, they maintained that Bitcoin is on track to reach $150,000 by mid-2025, attributing this anticipated growth to several elements, including the impact of Spot Bitcoin ETFs, which they expect to drive a significant upswing in the cryptocurrency’s price.
Similarly, Standard Chartered has revised its prediction for Bitcoin’s end-of-year value. Moving beyond their original estimate of $100,000, the institution now suggests that Bitcoin could ascend to $150,000 by year’s end, citing the catalytic role of Bitcoin ETFs in fostering their positive outlook on the asset’s future performance.
Featured image from Unsplash, Chart from TradingView