According to the forecast, during May-July 2024, the market will experience increased volatility. According to Spotonchain analysts, the probability of Bitcoin falling below $60,000 is 48%.
In the second half of the year, experts expect price activation, and with a 63% probability, the cost of the first cryptocurrency will reach $100,000. At the beginning of 2025, with a 42% probability, Bitcoin will be able to exceed the level of $150,000.
“The forecast signals a prevailing bullish sentiment in the market, which will be supported by the expected rate cut after the December meeting of the Federal Open Market Committee of the US Federal Reserve. This could increase demand for risky assets like stocks and Bitcoin,” the Spotonchain team believes.
According to Spotonchain representatives, the model they developed is based on a large amount of data, including a variety of historical trends and factors in the virtual asset industry. The model took into account halvings, interest rate cycles, the activity of venture investors and the sale of bitcoins by miners.
Earlier, Wolfe Research analyst Rob Ginsberg pointed out that Bitcoin's attempts to overcome the $70,000 mark demonstrate the similarity of the first cryptocurrency's behavior model with the assets of small-cap companies.
Source: Bits
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