Will Bitcoin Prices Continue to Rise?

Will Bitcoin Prices Continue to Rise?

May 15, 2024

Bitcoin

6 min

In the wake of the recent Federal Reserve decision, Bitcoin prices have surged past $63,000, capturing the attention of investors and market analysts alike. Tom Lee, co-founder of Fundstrat, believes this is just the beginning. In a recent interview, Lee suggested that Bitcoin has not yet reached its peak, describing the recent dip as a "bear trap" and a prime buying opportunity. With Bitcoin's price currently at $63,000, up over 6% in the last 24 hours, the question on everyone's mind is: Will Bitcoin continue its upward trajectory, or is another correction on the horizon?

Will Bitcoin’s Price Increase?

Tom Lee's recent statements have sparked significant interest. According to Lee, the price of Bitcoin has not yet peaked. In the latest episode of the “Speak Up” program with famous American investor Anthony Scaramucci, Lee stated:

"This doesn’t mean it will reverse today, but I don’t think this is a peak."

Lee also mentioned that the recent price drop in Bitcoin should be considered a bear trap and a good buying opportunity.

"I think the April chaos is somewhat deceiving us."

How Much is Bitcoin Now?

Bitcoin’s price is currently at $63,000, following an increase of over 6% in the last 24 hours. This rise occurred after Bitcoin briefly fell to $56,000 on May 1st. Previously, Lee had stated that the price of BTC could reach $150,000 by 2024. After reaching its all-time high of $73,737, Bitcoin experienced a 16.2% drop.

Will Bitcoin End?

According to Lee, Bitcoin represents the purest form of trust and is definitely positioned as a breakthrough in technology. The famous figure also notes that Bitcoin’s secure structure offers many benefits. Looking at it from another angle, the research director at Starbucks stated that people not buying coffee with Bitcoin at Starbucks should not be interpreted as Bitcoin being impractical.

Returning to Lee’s statements, the famous figure believes that due to the market’s size, Bitcoin’s price will never return to zero again. Lee finally said:

"Many attempts have been made to eliminate Bitcoin… but eventually, financial institutions are slowly beginning to realize that it is actually a great solution. Therefore, BlackRock and others are supporting it through spot Bitcoin ETFs."

The Future of Bitcoin: Expert Predictions

CryptoQuant Analyst's Take

While the leading cryptocurrency Bitcoin exceeded $57,000 after a long time, new high levels for BTC began to be discussed. At this point, while $60,000 levels are targeted for BTC, new predictions continue to come from analysts. Another prediction comes from CryptoQuant analyst Mac_D, who said that the next target price for BTC could be $68,000.

Stating that Bitcoin broke the average purchase price of long-term investors of 2-3 years, the analyst argued that the only price that can act as forward resistance for BTC may be $68,000, the highest level of the last cycle.

"Bitcoin has broken through resistance, which is the average purchase price for investors holding the 2-3 year long term, and bullishness looks likely for BTC."

The Realized Price – UTXO Age Bands indicator shows the average purchase price by BTC holding period group. According to this indicator, the level of $48,900, which is the average purchase price of long-term investors who invested in the last bull rally, is seen to be broken. In short, investors who began holding assets from the last cycle's bull rally saw the 2-3 year investor average purchase price of $48,900 act as strong resistance. However, in the last rise, this level was broken and the BTC price rose significantly, exceeding $55,000. However, the only price that could act as resistance going forward for Bitcoin would be the recent cycle high of $68,000.

"Going forward, US institutional investors will continue to increase buying pressure through spot BTC ETFs, and even if a crash occurs due to unexpected macro and crypto market events, it seems very likely that the Bitcoin price will recover like a spring."

Bitcoin continues to trade at $57,015 at the time of writing.

Bitcoin’s Tumble: Will the Slide Continue?

Bitcoin’s price has significantly declined since January 11, falling below $40,000 this week, marking the second-largest drop of 2023. This downward movement raises questions about the future of Bitcoin’s value. Technical analysts note that Bitcoin’s price had been rising since the beginning of 2023, reaching a peak of $48,969 following the approval of an ETF. However, a subsequent drop formed a weekly candlestick indicating a loss in value.

The highest level for Bitcoin was at the 0.618 Fibonacci retracement resistance level. Since then, the price has fallen, and the weekly Relative Strength Index (RSI) indicates a downward trend. Investors use the RSI to gauge overbought or oversold conditions and to decide whether to accumulate or sell a token. Readings above 50 suggest bulls have the advantage, while readings below 50 indicate the opposite. The RSI has fallen below 70 and is trending downwards. Crypto analysts and traders are mostly bearish on the short-term trend of Bitcoin. Altcoin Sherpa predicts a possible drop to the 0.382 Fibonacci retracement support level at $36,400. CredibullCrypto and TheTradingHubb suggest another low may be on the horizon due to wave counts.

Contrarily, IncomeSharks goes against the community consensus, proposing that Bitcoin could shortly rise to $44,000, suggesting a potential short-term rebound.

Tom Lee Makes Astonishing Bitcoin (BTC) Price Prediction

In a Wednesday CNBC interview, Tom Lee, the renowned cofounder of Fundstrat Global Advisors, presented an astonishingly bullish forecast for Bitcoin. Lee predicts that Bitcoin could surge to $150,000 in the next 12 months and escalate to an impressive half a million dollars within five years. Analyzing key factors, Lee's optimistic stance on Bitcoin is deeply rooted in his analysis of the current economic scenario and the intrinsic aspects of Bitcoin itself.

He argues, "There's a finite supply [of Bitcoin], but now we have a potentially huge increase in demand," stressing the scarcity and increasing interest in the cryptocurrency. This bullish view is especially striking when contrasted with his more measured predictions for the stock market. Lee expects the stock market to face challenges in the early half of 2024, followed by a robust recovery in the latter part.

In his interview, Lee said:

"I think 2024 is ultimately going to be a good year in stocks...But the caveat being the first six months, probably a little more challenging."

He elaborates that this is due to the anticipation of the Federal Reserve's policy decisions, which will significantly impact investor sentiment. Weighing economic indicators, Lee is optimistic about Bitcoin's future, but he does not overlook the broader economic risks. He estimates the likelihood of a recession to be about 20%, a figure he deems low but significant. The expert's predictions also hinge on the expectation of declining inflation and the Federal Reserve's approach to monetary policy. He believes that the focus will be less on the frequency of rate cuts and more on overall economic health.

Discussing the economic

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In the wake of the recent Federal Reserve decision, Bitcoin prices have surged past $63,000, capturing the attention of investors and market analysts alike. Tom Lee, co-founder of Fundstrat, believes this is just the beginning. In a recent interview, Lee suggested that Bitcoin has not yet reached its peak, describing the recent dip as a "bear trap" and a prime buying opportunity. With Bitcoin's price currently at $63,000, up over 6% in the last 24 hours, the question on everyone's mind is: Will Bitcoin continue its upward trajectory, or is another correction on the horizon?

Will Bitcoin’s Price Increase?

Tom Lee's recent statements have sparked significant interest. According to Lee, the price of Bitcoin has not yet peaked. In the latest episode of the “Speak Up” program with famous American investor Anthony Scaramucci, Lee stated:

"This doesn’t mean it will reverse today, but I don’t think this is a peak."

Lee also mentioned that the recent price drop in Bitcoin should be considered a bear trap and a good buying opportunity.

"I think the April chaos is somewhat deceiving us."

How Much is Bitcoin Now?

Bitcoin’s price is currently at $63,000, following an increase of over 6% in the last 24 hours. This rise occurred after Bitcoin briefly fell to $56,000 on May 1st. Previously, Lee had stated that the price of BTC could reach $150,000 by 2024. After reaching its all-time high of $73,737, Bitcoin experienced a 16.2% drop.

Will Bitcoin End?

According to Lee, Bitcoin represents the purest form of trust and is definitely positioned as a breakthrough in technology. The famous figure also notes that Bitcoin’s secure structure offers many benefits. Looking at it from another angle, the research director at Starbucks stated that people not buying coffee with Bitcoin at Starbucks should not be interpreted as Bitcoin being impractical.

Returning to Lee’s statements, the famous figure believes that due to the market’s size, Bitcoin’s price will never return to zero again. Lee finally said:

"Many attempts have been made to eliminate Bitcoin… but eventually, financial institutions are slowly beginning to realize that it is actually a great solution. Therefore, BlackRock and others are supporting it through spot Bitcoin ETFs."

The Future of Bitcoin: Expert Predictions

CryptoQuant Analyst's Take

While the leading cryptocurrency Bitcoin exceeded $57,000 after a long time, new high levels for BTC began to be discussed. At this point, while $60,000 levels are targeted for BTC, new predictions continue to come from analysts. Another prediction comes from CryptoQuant analyst Mac_D, who said that the next target price for BTC could be $68,000.

Stating that Bitcoin broke the average purchase price of long-term investors of 2-3 years, the analyst argued that the only price that can act as forward resistance for BTC may be $68,000, the highest level of the last cycle.

"Bitcoin has broken through resistance, which is the average purchase price for investors holding the 2-3 year long term, and bullishness looks likely for BTC."

The Realized Price – UTXO Age Bands indicator shows the average purchase price by BTC holding period group. According to this indicator, the level of $48,900, which is the average purchase price of long-term investors who invested in the last bull rally, is seen to be broken. In short, investors who began holding assets from the last cycle's bull rally saw the 2-3 year investor average purchase price of $48,900 act as strong resistance. However, in the last rise, this level was broken and the BTC price rose significantly, exceeding $55,000. However, the only price that could act as resistance going forward for Bitcoin would be the recent cycle high of $68,000.

"Going forward, US institutional investors will continue to increase buying pressure through spot BTC ETFs, and even if a crash occurs due to unexpected macro and crypto market events, it seems very likely that the Bitcoin price will recover like a spring."

Bitcoin continues to trade at $57,015 at the time of writing.

Bitcoin’s Tumble: Will the Slide Continue?

Bitcoin’s price has significantly declined since January 11, falling below $40,000 this week, marking the second-largest drop of 2023. This downward movement raises questions about the future of Bitcoin’s value. Technical analysts note that Bitcoin’s price had been rising since the beginning of 2023, reaching a peak of $48,969 following the approval of an ETF. However, a subsequent drop formed a weekly candlestick indicating a loss in value.

The highest level for Bitcoin was at the 0.618 Fibonacci retracement resistance level. Since then, the price has fallen, and the weekly Relative Strength Index (RSI) indicates a downward trend. Investors use the RSI to gauge overbought or oversold conditions and to decide whether to accumulate or sell a token. Readings above 50 suggest bulls have the advantage, while readings below 50 indicate the opposite. The RSI has fallen below 70 and is trending downwards. Crypto analysts and traders are mostly bearish on the short-term trend of Bitcoin. Altcoin Sherpa predicts a possible drop to the 0.382 Fibonacci retracement support level at $36,400. CredibullCrypto and TheTradingHubb suggest another low may be on the horizon due to wave counts.

Contrarily, IncomeSharks goes against the community consensus, proposing that Bitcoin could shortly rise to $44,000, suggesting a potential short-term rebound.

Tom Lee Makes Astonishing Bitcoin (BTC) Price Prediction

In a Wednesday CNBC interview, Tom Lee, the renowned cofounder of Fundstrat Global Advisors, presented an astonishingly bullish forecast for Bitcoin. Lee predicts that Bitcoin could surge to $150,000 in the next 12 months and escalate to an impressive half a million dollars within five years. Analyzing key factors, Lee's optimistic stance on Bitcoin is deeply rooted in his analysis of the current economic scenario and the intrinsic aspects of Bitcoin itself.

He argues, "There's a finite supply [of Bitcoin], but now we have a potentially huge increase in demand," stressing the scarcity and increasing interest in the cryptocurrency. This bullish view is especially striking when contrasted with his more measured predictions for the stock market. Lee expects the stock market to face challenges in the early half of 2024, followed by a robust recovery in the latter part.

In his interview, Lee said:

"I think 2024 is ultimately going to be a good year in stocks...But the caveat being the first six months, probably a little more challenging."

He elaborates that this is due to the anticipation of the Federal Reserve's policy decisions, which will significantly impact investor sentiment. Weighing economic indicators, Lee is optimistic about Bitcoin's future, but he does not overlook the broader economic risks. He estimates the likelihood of a recession to be about 20%, a figure he deems low but significant. The expert's predictions also hinge on the expectation of declining inflation and the Federal Reserve's approach to monetary policy. He believes that the focus will be less on the frequency of rate cuts and more on overall economic health.

Discussing the economic

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What Drives Bitcoin’s Current Market?

Bitcoin's market is currently experiencing lower levels, with consistent closures below $60,000 raising concerns among analysts. Institutional analysts and crypto investors are closely monitoring the market, particularly in light of ongoing sales in Germany and MTGOX activity, which have decreased investor risk appetite. The RSI has entered the oversold region, and sentiment has plunged to fear levels, leading to new lows in altcoins. QCP analysts note that while stocks and gold have risen, crypto prices have moved in the opposite direction, with intense spot sales around 3-4 PM New York time potentially linked to large supplies from the German government and Mt. Gox distributions. The price drop coincided with the July 4th US holiday, finding support only when the US market resumed buying. Despite a $143 million net inflow into BTC spot ETFs, BTC traded within a wide range of $53,500-$58,500 amid weak liquidity. Institutional investments from entities like MicroStrategy and Tesla have significantly influenced Bitcoin's market, providing stability and legitimacy. Bitcoin ETFs have also played a crucial role, with their approval in various jurisdictions making it easier for institutional investors to gain exposure. The upcoming 2024 Bitcoin halving event is expected to impact prices, as historically, halving cycles have led to substantial price increases. Current market sentiment, as indicated by the Crypto Fear and Greed Index, shows a state of fear, reflecting recent price declines and bearish sentiment among investors.

Crypto Experts Divided on the Next Bitcoin Price Action

Bitcoin's recent price movements have sparked a divide among crypto experts, with contrasting predictions about its future. After dropping to a multi-month low of $53,540 and rebounding to $57,200, debates have emerged on whether this is a temporary setback or a precursor to further declines. Optimists, including analysts from Standard Chartered, forecast Bitcoin surpassing $100,000 by year-end, driven by institutional demand and potential regulatory changes under a Trump presidency. Conversely, some warn of continued drops due to technical patterns and large-scale liquidations. Factors such as Federal Reserve rate cuts and whale activity further complicate the outlook. As Bitcoin navigates these turbulent waters, the question remains: will it soar or sink?

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