Bitcoin correction persists, with numerous crypto community members advocating for a “cooling off” phase to bolster BTC price before its next surge. This article delves into Bitcoin forecast from industry insiders and key cryptocurrency levels to monitor.
What’s happening with Bitcoin?
At the beginning of the work week, Bitcoin continued its correction, which began on March 14, 2024, against the backdrop of the cryptocurrency updating its absolute maximum value (ATH) at $73,750. As of the time of writing, the coin is trading 7% below its peak. At the moment, the depth of the correction exceeded 12%.
There are about 30 days left until the 2024 Bitcoin halving , one of the most anticipated events . Let us remind you that halving will halve the BTC mining speed, and therefore the rate of influx of new coins into the market. The history of observations shows that each time an event triggers a growth cycle for Bitcoin and the entire digital asset market. There is reason to believe that against the backdrop of the 2024 halving, BTC will also show positive dynamics.
BTC Price Forecast
Trader Doctorprofit considers BTC’s sideways movement healthy. In his opinion, the cryptocurrency needs a period to accumulate strength for the next breakthrough. The trader considers the next target for BTC to be in the range of $77-78 thousand.
Analyst Michael van de Popp, in turn, suggested that the Bitcoin correction is close to completion. However, he did not rule out a move to the area below $60 thousand until the next wave of growth.
Bitcoin forecast from Michael van de Popp was supported by trader Captain Faibik. He also believes that the target for BTC correction may be the level of $60 thousand. A similar forecast was given by trader Nebraskangooner. In his opinion, investors will soon be able to see BTC at $62 thousand.
Some members of the crypto community adhere to more negative scenarios, according to which the cryptocurrency could return to $55 thousand in the near future. Meanwhile, crypto trader and analyst CrediBULL Crypto, in turn, supported the positive outlook for Bitcoin. He believes that the BTC price correction may end before March 20. Afterwards, the analyst waits for the cryptocurrency to move towards updating the ATH.
So far, so good here on $BTC.
Tapped the green zone/area of interest while I was on my flight and saw a nice reaction as expected.
Don’t fight the blue squiggly. Embrace it. https://t.co/9BBkJFZyKO pic.twitter.com/Tv7Dy3fzzW
— CrediBULL Crypto (@CredibleCrypto) March 17, 2024
The most positive forecast for Bitcoin was given by analyst Geert van Lagen. He believes that BTC price is on the verge of parabolic growth, which will allow the cryptocurrency to break through the $100 thousand level in the near future.
