Bitcoin’s price has been struggling lately, leading many to believe the peak is behind us. But not everyone agrees. Several crypto analysts are pushing back against this bearish sentiment, predicting further growth for the flagship cryptocurrency.
A Bullish Outlook Despite Price Drops
BitQuant, a well-known crypto analyst, confidently stated that Bitcoin hasn’t reached its peak yet. He pointed out that during the last Bitcoin cycle, many thought $60,000 wasn’t the top, even though it technically was. Now, there’s panic, but the classic signs of a market top haven’t appeared yet. BitQuant acknowledges the bearish feeling but believes it’s because some investors haven’t experienced a full Bitcoin bull market. He promised to repost his chart and announce the “real top” once a 25% price drop occurs after the peak. He added that market participants will know the top is in without needing his analysis.
More Analysts Weigh In
Another analyst, Kevin Capital, agrees that Bitcoin hasn’t peaked, although he admits the cryptocurrency is in a significant correction phase. He advises patience, suggesting investors keep an eye on macroeconomic data and monetary policy changes. He highlights that Bitcoin’s biggest price jumps usually happen within a couple of weeks each year, with the rest of the time spent sideways or declining.
Potential Price Drops and Influencing Factors
Kevin Capital predicts Bitcoin could fall as low as $70,000. This prediction is based on technical analysis, suggesting that if Bitcoin breaks below $81,000, a drop to the $70,000-$73,000 range is likely.
He also points out several factors that could influence Bitcoin’s price this week:
- Trump’s Tariffs: The implementation of Donald Trump’s tariffs on April 2nd could potentially trigger a “buy-the-news” event, as the market may already have priced in the expected impact.
- Macroeconomic Data: Labor market data at the end of the week and changes to US Treasury run-off (decreasing from $25 billion to $5 billion starting April 1st) could also affect sentiment, though the impact is uncertain.
At the time of writing, Bitcoin is trading around $82,000, down about 2% in the last 24 hours.
