👉 Analyst Benjamin Cowen believes that the crypto market is entering "one of its most brutal" phases in its cycle. According to the expert, bitcoin's dominance in the market capitalization of the crypto sector is increasing amidst a decline in the price of altcoins and diminishing investor interest in this asset class.
Using Fibonacci retracement levels, Cowen predicts that BTC dominance will likely peak at 60%, as it did in the previous cycle. The analyst emphasized that this metric is unlikely to rise to 65% or 70%, primarily due to the stablecoin market. (As of October 10, according to CoinMarketCap, bitcoin's share in the overall market capitalization of the crypto market was 49.92%.)
👉 Former BitMEX CEO Arthur Hayes has stated that the price of the leading cryptocurrency could reach $70,000 next year, and between $750,000 to $1 million by 2026. He justified his prediction based on factors such as the asset's limited supply, the potential approval of spot bitcoin ETFs, and geopolitical uncertainty. "I think this will be the biggest boom in financial markets in the history of mankind. Bitcoin will skyrocket to absurd levels, the Nasdaq will soar to absurd levels, and the S&P 500 will rise to absurd levels," Hayes declared.
👉 Analyst Nicholas Merten holds a diametrically opposite view. He believes that bitcoin could significantly crash due to actions taken by the Federal Reserve, potentially leading to a prolonged economic downturn in the U.S. If commodities such as oil, natural gas, and uranium begin to stabilize or decline in price, Merten sees this as a sign of an impending short-term recession. In that scenario, he suggests that stocks could fall by approximately 33%, similar to the correction that occurred in October 2022. In turn, bitcoin would react to this situation by dropping to the $15,000-$17,000 range.
Merten is convinced that a sustained bullish trend in the market is unlikely until the Federal Reserve begins to increase liquidity in the economy. "Bitcoin thrives when there's an increase in the money supply in the market and when investors are in a risk-on mood. However, at the moment, neither of these conditions is met," Nicholas Merten explained.
👉 Comparing the current dynamics of bitcoin to what transpired before and after the halvings in 2015 and 2019 indicates that the market is moving in the same direction as it did then. After its summer peak, the current coin price is undergoing a downward correction, but this is not surprising: typically, 200 days before a halving, the leading cryptocurrency could lose up to 60-65% of its value before resuming its growth trajectory.
Many experts are predicting significant price increases for bitcoin in 2024. For instance, analysts at JP Morgan suggest a price of $45,000, while those at Standard Chartered forecast $100,000. Writer and investor Robert Kiyosaki and cryptographer Adam Back also target the $100,000 mark. Fundstrat Research founder Tom Lee envisions BTC at $180,000. Venture capitalist Tim Draper expects $250,000, and billionaire Mike Novogratz, along with ARK Invest CEO Cathy Wood, project the coin to grow to $500,000 and $1 million next year, respectively.
The current optimism among investors can also be attributed to the present price dynamics of the digital gold: despite receding from its summer peak, investments in BTC have yielded a return of more than 60% since the beginning of the year.
Using Fibonacci retracement levels, Cowen predicts that BTC dominance will likely peak at 60%, as it did in the previous cycle. The analyst emphasized that this metric is unlikely to rise to 65% or 70%, primarily due to the stablecoin market. (As of October 10, according to CoinMarketCap, bitcoin's share in the overall market capitalization of the crypto market was 49.92%.)
👉 Former BitMEX CEO Arthur Hayes has stated that the price of the leading cryptocurrency could reach $70,000 next year, and between $750,000 to $1 million by 2026. He justified his prediction based on factors such as the asset's limited supply, the potential approval of spot bitcoin ETFs, and geopolitical uncertainty. "I think this will be the biggest boom in financial markets in the history of mankind. Bitcoin will skyrocket to absurd levels, the Nasdaq will soar to absurd levels, and the S&P 500 will rise to absurd levels," Hayes declared.
👉 Analyst Nicholas Merten holds a diametrically opposite view. He believes that bitcoin could significantly crash due to actions taken by the Federal Reserve, potentially leading to a prolonged economic downturn in the U.S. If commodities such as oil, natural gas, and uranium begin to stabilize or decline in price, Merten sees this as a sign of an impending short-term recession. In that scenario, he suggests that stocks could fall by approximately 33%, similar to the correction that occurred in October 2022. In turn, bitcoin would react to this situation by dropping to the $15,000-$17,000 range.
Merten is convinced that a sustained bullish trend in the market is unlikely until the Federal Reserve begins to increase liquidity in the economy. "Bitcoin thrives when there's an increase in the money supply in the market and when investors are in a risk-on mood. However, at the moment, neither of these conditions is met," Nicholas Merten explained.
👉 Comparing the current dynamics of bitcoin to what transpired before and after the halvings in 2015 and 2019 indicates that the market is moving in the same direction as it did then. After its summer peak, the current coin price is undergoing a downward correction, but this is not surprising: typically, 200 days before a halving, the leading cryptocurrency could lose up to 60-65% of its value before resuming its growth trajectory.
Many experts are predicting significant price increases for bitcoin in 2024. For instance, analysts at JP Morgan suggest a price of $45,000, while those at Standard Chartered forecast $100,000. Writer and investor Robert Kiyosaki and cryptographer Adam Back also target the $100,000 mark. Fundstrat Research founder Tom Lee envisions BTC at $180,000. Venture capitalist Tim Draper expects $250,000, and billionaire Mike Novogratz, along with ARK Invest CEO Cathy Wood, project the coin to grow to $500,000 and $1 million next year, respectively.
The current optimism among investors can also be attributed to the present price dynamics of the digital gold: despite receding from its summer peak, investments in BTC have yielded a return of more than 60% since the beginning of the year.