Bitcoin price has risen again after falling to $60,660, yet investors are cautious. The upcoming week’s statements from Fed members and the continuation of tensions in the Middle East pose significant risks. So, what are the current predictions of experts closely followed by cryptocurrency investors?
Bitcoin Analyst Commentary
Cryptocurrency investors closely follow the popular crypto analyst Rekt Capital, who has shared his latest predictions. Having accurately forecasted major price movements in the past, he remains optimistic about the future. A few hours ago, Rekt Capital wrote the following:
“This is still the Ultimate Altcoin Market Value scenario for the coming months. It is following the path planned two months ago very well.”
The analyst had predicted the ongoing decline in his chart shared about two months ago, suggesting that altcoins would break the last bull market’s altcoin market value record. If Rekt Capital is correct, altcoins could return to record levels after one last correction.
Will Cryptocurrencies Rise?
At the beginning of 2024, there was a much more moderate outlook for cryptocurrency markets. Rapid increases were expected with the Fed’s interest rate cuts before June and ETF approvals. However, the Fed now faces increased tightening risks following recent inflation data. On the other hand, net inflows in the ETF channel have weakened, and we will see the regional tension’s impact on spot Bitcoin ETFs on Monday.
Throughout the week, Fed members will comment on the latest inflation data and economic policy. Moreover, the Iran-Israel tension, which was not present at the beginning of 2024, now exists. All these suggest that cryptocurrencies may not rise as eagerly during the halving period.
So, how seriously should Rekt Capital’s prediction be taken? Analysts’ predictions, especially in cryptocurrencies, are predominantly in favor of their own positions. For instance, Rekt Capital was talking about much larger corrections a few months before the halving. The rapid recovery over the past two months was a surprise to him. If his evaluation today does not materialize, Rekt Capital will not lose anything. However, it is difficult to say the same for those who use analysts’ views unquestioningly to determine their investment strategy.
