After recently surpassing the $70,000 mark, Bitcoin experienced a significant decline, falling below $68,000 within the last 12 hours. This market movement was accompanied by a general downturn in the cryptocurrency sector, with several alternative coins performing poorly.
However, in a recent prediction, macro strategist Henrik Zeberg emphasized that Bitcoin (BTC) has a strong potential for an upward movement at any given moment. In an interview on the Bloor Street Capital channel on YouTube, the cryptocurrency expert revealed that the largest crypto asset could potentially see a bullish rally of 64% by the third quarter of 2024.
“In January, I stated that Bitcoin would reach between $110,000 and $115,000, and I still stand by that. I believe we are just hours or days away from another major shift. We experienced a significant change on May 20, but I believe that was just the beginning. We have been consolidating for a few days now, and I anticipate a very substantial movement to occur in mid-June, with an upward trend accompanied by consolidations and pullbacks…”
According to Zeberg’s prediction, the analyst highlighted that Bitcoin’s price could rise to $110,000 in the upcoming months. “I would say this is the schedule from August to October. It’s more about the specific levels I need to see. I need to see Bitcoin above $105,000, ideally $110,000, and I also need to see the S&P around 6,000. Only then will I start to worry more. These are the levels to watch for. In terms of timing, it would be the third quarter.”
Renowned cryptocurrency analyst Ali Martinez also noted Bitcoin’s recent movement on May 28 and anticipated a imminent recovery in the asset’s price. “The TD Sequential indicator is signaling a buy on the Bitcoin hourly chart, suggesting a potential rally of one to four candlesticks for $BTC!” he stated.
At the time of publication, the price of Bitcoin was quoted at $67,671.68, experiencing a 1.8% decline within the last 24 hours. During this period, the largest cryptocurrency recorded a trading volume of $31,347,519,487.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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