Crypto experts disagree about the next Bitcoin price development

The Bitcoin price has lost momentum in recent weeks due to numerous headwinds and has entered a bear market.

BTC fell to a multi-month low of $53,540 last week, its lowest since February. It has since recovered some of those losses and was trading at $57,200 on Monday. The recent Bitcoin price movement has caused disagreement among crypto experts. Some believe that Bitcoin is still in an uptrend and that the recent sell-off will be short-lived.

In a recent statement, a Standard Chartered analyst said he expects Bitcoin’s price to end the year above $100,000, representing an increase of about 75% from current levels.

The analysts attribute their assessment to the continued institutional demand and the high probability that Donald Trump will become the next US president. Trump has courted the crypto community by promising friendly regulations for the industry.

As a result, he received campaign funding from the Winklevoss twins and Jesse Powell, the founder of Kraken.

Meanwhile, Ki Young Ju, the founder of CryptoQuant, a leading on-chain analytics firm, noted that the bull cycle is unbroken. While he expects the coin to drop to $47,000, he believes the bull run will continue until next year when it will rise to $112,000.

Analysts have also cited other reasons why Bitcoin price could resume its uptrend. One reason is the high probability that the Federal Reserve will soon begin cutting interest rates following last week’s jobs data..

The report showed that the economy added over 200,000 new jobs, while the unemployment rate rose to 4.1% during the month. Analysts at Citigroup and ING therefore expect the Fed to begin cutting interest rates in September.

The Fed’s rate cuts are positive for Bitcoin, especially given the $6.15 trillion invested in money market funds. Ultimately, these risk-averse investors could shift into risky assets like tech stocks and Bitcoin.

Bitcoin price crash could continue

On the other hand, some crypto analysts believe that the Bitcoin price may continue to fall. The most common argument was that the coin has fallen below the neckline of the double top. This suggests further downside as traders target the key support at $44,000.

Bears also pointed to ongoing liquidations by the German government, Mt. Gox wallets, whale activity, and Bitcoin miner capitulation. For example, according to LookOnChain, a Bitcoin whale deposited $45.18 million on Binance on Monday and has moved $468 million worth of coins since June 27.

The German government has also continued to transfer coins to exchanges. As a result, the volume of Bitcoin balances on exchanges has continued to rise, which is often a pessimistic sign.

BTC price development

Bitcoin price chart

The charts make it clear that Bitcoin is battling numerous risks, especially the double top pattern at $72,000. The price has also fallen below the 200-day moving average and retested the neckline of the double top at $56,000.

Therefore, the recent recovery could be part of a dead cat bounce that will push the Bitcoin price lower in the short term. If this happens, it could drop to the next key support at $44,000. However, in the long term, there is a probability that the coin will bounce back above $100,000.