Bitcoin (BTC) is on the cusp of a potential “batshit season,” according to one analyst, with a price target of $150,000 by the end of 2024. However, other experts caution that short-term selling pressure could dampen the rally.
Real Vision analyst Jamie Coutts has predicted that Bitcoin’s price action will follow historical patterns, leading to a significant surge in the coming months. He points to the correlation between local US Dollar Index peaks and subsequent Bitcoin price rallies in previous bull cycles.
Coutts’ analysis suggests that Bitcoin could rise by over 100% from its current price to reach $150,000 by the end of the year. However, not all analysts share his optimism in the short term.
CryptoQuant researcher “XBTManager” has identified potential selling pressure from short-term Bitcoin holders. He noted that large holders have been transferring Bitcoin, which could lead to immediate selling pressure and a potential price pullback.
Despite the recent price increase and strong support levels, Bitcoin derivatives traders remain cautious. The Bitcoin futures premium, a key indicator of risk appetite, has remained stagnant, suggesting that many professional traders are hesitant to open leveraged long positions.
Also Read: U.S. Bitcoin Mining Revolution – With Only 1.19 Million Bitcoins Left, America Challenges China’s 90% Market Dominance
The conflicting views among analysts highlight the uncertainty surrounding Bitcoin’s short-term price trajectory. While the potential for a significant bull run exists, the risk of short-term selling pressure cannot be ignored. Investors should approach the market with caution and carefully consider their risk tolerance before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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