As the $3.19 trillion crypto market, now down by 0.25%, is struggling to recover from the recent turmoil, the Bitcoin price is regaining momentum. Despite the prevailing bearish trend, market experts foresee a significant bullish reversal, with potential gains of up to 35%.
Simultaneously, the decline in Bitcoin’s dominance has fueled expectations of a possible “altcoin season.” As the market navigates this critical juncture, two possible scenarios are unfolding: Bitcoin’s recovery or an altcoin-driven rally.
Bitcoin Price Eyes $130K: Is a 35% Surge Imminent?
The Bitcoin price has been hovering below the $100k mark over the past few days, trading in the red zone. Although Bitcoin has yet to breach the $100,000 threshold, analysts remain optimistic about its potential to shatter this level and surge to a staggering $130,000.
In an X post, VanEck’s Head of Digital Assets Research, Matthew Sigel, predicted that the Bitcoin price would see a 35% surge, citing historical trends.
Notably, Bitcoin has experienced a relatively quiet six-day period, reminiscent of the brief trading range in November 2023. The calm period was followed by a significant 35% surge within a month. Thus, the historical data suggests that the current tranquility may precede a possible price movement for Bitcoin.
Corroborating Sigel’s analysis, analyst Mister Crypto projected the Bitcoin price’s trajectory to a high of $130k. Mister Crypto believes Bitcoin is on the cusp of a parabolic surge, marking the beginning of its next major upward move.
It is noteworthy that the VanEck Chief’s Bitcoin analysis comes following his significant remarks on the Bitcoin reserve. In a recent post, Sigel stated that a Bitcoin reserve is key to maintaining the United States’ dominance in the global financial landscape.
Will Bitcoin Bounce or Collapse? Analysts Explain
As the Bitcoin price continues to fluctuate, investors wonder if the cryptocurrency could regain momentum. However, TraderPA’s optimistic forecast suggests that Bitcoin may soon experience an upward swing, potentially hitting $120,000.
Meanwhile, CryptoGoos, a prominent crypto analyst, identified a crucial support area for Bitcoin around $90k. Historical patterns suggest that the breakout above the level could push the BTC price to nearly $150k. However, if Bitcoin slips below the pivotal point, the price could witness another bearish market. Investors keenly observe market movements to see whether Bitcoin will stage a recovery or succumb to further decline.
Is Bitcoin Dominance Dropping?
According to CryptoRank, Bitcoin dominance is marked at 57.29%, down by 1.18%. Importantly, this drop in BTC dominance signals the beginning of an altcoin rally where altcoins will outperform the pioneer cryptocurrency.
Analyst Ash Crypto highlighted the current trends in the Bitcoin market and the significant dip in its dominance. The analyst stated, “Get ready for Altseason finally.”
Bitcoin Price Hovers Around $95K: Will It Surge?
Currently, Bitcoin is priced at $96,991, with a marginal decline of 0.19% in a day. Despite a 1.88% uptick over the last month, the Bitcoin price has experienced a notable dip of 2.9% in a week.
With a market cap of $1.92 trillion, Bitcoin stands firm at the topmost position in the crypto market. Nevertheless, a notable 22.67% decline in its 24-hour trading volume suggests shifting investor attitudes.
The current market trend and analysts’ insights signal a possible increase in Bitcoin’s price. However, investors must remain cautious and conduct thorough research before making investment decisions.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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