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The ongoing process for investors has become increasingly tedious, with many altcoins halving in value. BTC attempted a move towards $64,000 in the last 24 hours but returned to $61,800. At the time of writing, the price is at $62,200. When will these boring price movements end? What are the current predictions from experts?
Bitcoin (BTC) Expert Predictions
Throughout June, the BTC price fell, eroding by 18% in the second quarter. According to chart patterns, BTC might be on the verge of a breakout. This suggests that the tedious narrow range movements might soon end. CryptoQuant’s Onchain Edge highlighted the Wyckoff formation, stating that a breakout is imminent.
“If the reaccumulation phase continues, we can expect an upward breakout (“markup phase”) in the Wyckoff cycle.”
Another significant detail pointed out by the crypto analyst was the change in exchange reserves.
“The decrease in exchange reserves is significant. As BTC exits exchanges, it indicates accumulation. This is consistent with the reaccumulation phase… Exchange reserves have been decreasing for a while. This means BTC is being moved out of exchanges. Confidence among investors is increasing.”
Will Cryptocurrencies Rise?
The assessment in the first section suggests a significant market recovery if historical data and the Wyckoff model hold true. Many experts predict a rise in cryptocurrencies for various reasons. For instance, the recent drop with BTC forming a higher low at $58,500 indicates to analysts that a reversal and a new ATH journey might begin.
The second analyst, Rekt Capital, also gave hope to those expecting a rise in crypto with his comments.
“The Macro Higher Low is confirmed, and Bitcoin is now rising. Bitcoin is developing a Macro Bull Flag.”
According to the third analyst, Titan of Crypto, we will see prices reaching $90,000 in the coming days. Encouraged by the ascending triangle formation, the analyst wrote that the price increase will now begin.
The fourth and final expert is Kristian Haralampiev from Nexo. According to him, macroeconomic risks and government BTC sales will complicate matters. Germany transferred $52 million worth of BTC on July 2 and still holds $2.75 billion in assets. Moreover, MTGOX refunds will start soon, returning $9.4 billion worth of BTC to those who lost their assets in the exchange hack 10 years ago.
