Bitcoin, after recently surpassing the $70,000 mark, experienced a significant drop, falling below $68,000 within the last 12 hours. This decline in price was accompanied by a general pullback in the cryptocurrency sector, with many altcoins also performing poorly.
However, macro strategist Henrik Zeberg, in a recent forecast, highlighted the potential for Bitcoin (BTC) to make a strong upward move at any time. During an interview on the Bloor Street Capital YouTube channel, Zeberg stated that there is a possibility of a 64% bullish rally for the largest cryptocurrency by the third quarter of 2024.
“In January, I predicted a price range of $110,000 to $115,000 for Bitcoin, and I still stand by that. I believe we are just hours or days away from another major shift. We saw a significant change on May 20, but I think that was just the beginning. We have been consolidating for a few days now, and I expect to see a very significant movement in mid-June, with an overall upward trend but also some consolidations and pullbacks.”
According to Zeberg’s prediction, he expects the price of Bitcoin to reach up to $110,000 in the coming months. He specified that the period from August to October is crucial, stating, “These are the levels I need to see: Bitcoin above $105,000, $110,000, and the S&P around 6,000. If we reach those levels, then I will start to worry more. In terms of schedule, it will likely be in the third quarter.”
Renowned cryptocurrency analyst Ali Martinez also noted Bitcoin’s recent movement on May 28, expressing optimism for a recovery in the asset’s price. He pointed out a buy signal on the Bitcoin hourly chart using the TD Sequential indicator, which anticipates a one to four candlestick rebound for BTC.
At the time of publication, the price of Bitcoin was quoted at $67,671.68, showing a 1.8% decrease in the last 24 hours. The trading volume for the cryptocurrency during this period reached $31,347,519,487.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin whales have purchased $1.34 billion in the past 24 hours, signaling a rise in BTC’s price. The cryptocurrency is expected to reach $150,000 after a period of consolidation following the halving event.