With its overall market valuation down about 30% from its March 2024 record of $2.89 trillion, the cryptocurrency market is reaching a turning point.
Investors are worried as the market cap as of September 8, 2024, is $1.93 trillion. Nonetheless, a recent BTC price forecast indicates that Bitcoin is anticipated to rise by 83.70% in the next three months, indicating possible comeback.
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Although Bitcoin has lost a quarter from its all-time high of $74,000, analysts like Alan Santana think a major comeback is just around the corner.
The latest forecast of the BTC price by CoinCheckup, on the other hand, show that Bitcoin will surge 80% in the next three months and hence may also reflect its possible comeback.
Now changing hands at $54,320, Bitcoin has shed 25% off its peak of $74,000, but it is due for a sharp rebound, Santana said.
🅱️When Will Bitcoin Hit $100,000? New ATH & More (The Greatest Cryptocurrency Analysis On Earth!) #Bitcoin
Bitcoin is going to hit $100,000 in 2025… I am going to breakdown how everything will develop in a few minutes.
How are you feeling in this beautiful Saturday/Sunday?… pic.twitter.com/xNaZSBOfKx
— Alan Santana (@lamatrades1111) September 8, 2024
Santana thinks that Bitcoin could reach $100,000 by the year 2025. The ongoing correction does not deter the analyst from being so optimistic in regards to the long-term outlook for the top crypto.
At the same time, he warns that this downtrend is not over yet, and investors should expect some turbulence before seeing a more sustained uptrend.
Market Sentiment And Short-Term Outlook
Bitcoin is currently 44% below its estimated value for next month, the latest forecast shows. However, a short-term uptrend is seen in the next seven days. Over three months, Bitcoin is predicted to shoot up by 83%, showing signs of recovery from its poor performance lately.
Santana believes that though the price movement for Bitcoin will not be fast, it would stabilize the market after surviving fluctuations and swings.
Bitcoin will advance relatively slowly across the remainder of 2024, and this would give altcoins room to start to outperform BTC in the interim. That said, altcoins might also supply larger returns for investors looking beyond Bitcoin’s gradual recovery once the market enters its accumulation phase late in the year.
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