The post Bitcoin Price Analysis: Top Expert Predicts Timeline for Next Bull Run! appeared first on Coinpedia Fintech News
In recent weeks, the Bitcoin price has been swinging between $30,000 and $31,400, creating uncertainty in the cryptocurrency market. However, a sudden dip occurred on Monday, pushing its value below $28,800 and causing over 90 percent of Bitcoin long traders to be liquidated during early Asian markets on Tuesday. Despite this setback, traders are optimistic about the situation, believing that short-term bears are under control.
What’s the reason for this positive sentiment? Let’s dive in.
Bitcoin Price Analysis by Captain Faibik
Renowned cryptocurrency analyst, Captain Faibik, offers a hopeful perspective on the current situation. He asserts that the Bitcoin bulls are presently in control, but he also warns that challenges may persist, leading to potential further capitulation in the coming days. According to the analyst’s prediction, Bitcoin’s next strong support level is expected to be around $24,700, followed by a potential rebound above $32,000 later this year.
Read More: Bitcoin Price Prediction: Morgan Creek CEO Says BTC Could Hit $300,000
Crypto-Cash Flow Creating Troubles
An intriguing observation in the market is the significant imbalance in the crypto-cash flow between various altcoins and Bitcoin itself. The inconsistent rise of certain altcoins has contributed to this situation. The resistance/support level between $31,000 and $32,000 has proven to be intense for the bulls, further complicating the market dynamics.
Optimism Runs High!
Despite the recent dip, Captain Faibik remains bullish in the long term. He has issued an ambitious price prediction of $100,000 for Bitcoin by 2024. The much-anticipated bull run is expected to commence in November 2023, potentially driving significant market activity. Additionally, Bitcoin dominance has dropped below 50 percent, which could lead to further gains for altcoins like Dogecoin.
Are you bullish or bearish on Bitcoin in the long term?
