It has been revealed that we finally have an answer for the latest dip in price that Bitcoin saw these days. At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $66,838.
Bitcoin’s price moves explained
This downturn led to a ripple effect, causing a decline of up to 10% in altcoins. However, the market exhibited signs of stabilization as Bitcoin recovered to the $66,000 mark, although altcoins still registered losses of around 12-13%.
Bitcoin’s price briefly rose before declining to the lower $64,000 level. This happened during a Federal Reserve meeting, which analysts believe may have triggered the fluctuations.
Skew, a reputable cryptocurrency analyst, noticed a change in exchange activity, with traders concentrating on the $60,000 to $64,000 range. This indicates strong selling pressure from spot sales.
Skew pointed out that some institutions are buying more during market dips, which could indicate a potential increase in prices.
These institutions seem to be using a dollar-cost averaging (DCA) approach to take advantage of the market’s lower prices.
The price expectations for Bitcoin are extremely optimistic for the future, especially since we also have the important halving event coming.
New optimistic price predictions about Bitcoin
It has been recently reported that according to Bernstein analysts, Bitcoin is expected to reach $150,000 by mid-2025, taking into consideration the recent surge in its value.
“We built bitcoin institutional flows in our estimates to arrive at bitcoin price. We estimated $10 billion inflows for 2024 and another $60 billion for 2025,” they wrote in the note that we mentioned above.
Bitcoin will probably be the digital asset of the year especially considering the huge success that BTC ETFs have been seeing in the market worldwide.
We’re just ahead of the halving event, which is probably going to be the greatest one so far, according to crypto experts.