Bitcoin Price Forecast: BTC Price Expected to Reach This Level Within the Next 12 Months
The recent decline in Bitcoin prices following Iran’s attack on Israel has raised doubts about the perception of cryptocurrencies as safe-haven assets during times of geopolitical uncertainty. Let’s delve into a comprehensive analysis of these price movements and the larger future prospects for Bitcoin.
BTC to $200,000 if this scenario unfolds
During a recent interview on CNBC Squawk Box, Anthony Scaramucci, the founder of SkyBridge Capital, shared his insights on the potential trajectory of Bitcoin, projecting a significant surge in value over the next 12 months.
In the past 24 hours, the price of Bitcoin has increased by 1.5% and currently stands at $62,594. Despite short-term fluctuations in value, Scaramucci remains optimistic about Bitcoin’s future. He compares Bitcoin’s growth to the early days of the internet and believes it could experience a growth rate of over 200% in the next year, reaching $200,000 after the halving event. Scaramucci predicts that Bitcoin will eventually attain half the market cap of gold, implying a value of approximately $400,000 per coin.
However, Scaramucci acknowledges the possibility of short-term drops of up to 15% due to factors such as wars or terrorist attacks. Nonetheless, he attributes Bitcoin’s rise primarily to increasing demand from ETFs and institutional investors.
Halving Impact on BTC
The upcoming halving event for Bitcoin further supports Scaramucci’s positive outlook, with expectations that it could propel Bitcoin’s price to new all-time highs. While short-term fluctuations are a possibility, Scaramucci believes that Bitcoin’s overall trajectory remains upward, in line with its historical performance over the past 15 years.
On the other hand, Bitwise Asset Management cautions about short-term fluctuations but anticipates long-term gains. The halving event reduces the supply of Bitcoin, making it scarcer and potentially driving up prices. CEO Matt Hougan predicts that Bitcoin could surpass $200,000 this year as a result. Investors may exercise caution leading up to the event, but historical trends indicate that prices often surge afterward.
Bitcoin’s Current Price
Currently, Bitcoin is priced at $64,520, indicating a slight decline. Technical analysis suggests that Bitcoin is trading within a narrow range, with a pivot point at $62,899. Resistance levels are observed at $65,194, $67,695, and $70,959, while support levels are at $59,418, $56,271, and $53,182. The market sentiment appears balanced, as indicated by the Relative Strength Index (RSI) at 54. If Bitcoin manages to surpass the $65,300 mark, it could attract further buying interest, potentially pushing its price towards $70,000.
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