{"id":7536,"date":"2024-09-17T19:05:19","date_gmt":"2024-09-17T19:05:19","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7536"},"modified":"2024-09-17T19:05:19","modified_gmt":"2024-09-17T19:05:19","slug":"bitcoin-btc-price-predictions-big-bull-run-or-a-depressing-bear-market-ahead","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7536","title":{"rendered":"Bitcoin (BTC) Price Predictions: Big Bull Run or a Depressing Bear Market Ahead?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Bitcoin shows signs of a potential rally, with some analysts predicting a jump to a new all-time high.
\nConversely, increased exchange inflows suggest possible short-term selling pressure.<\/p>\n

<\/a><\/span><\/h2>\n

Good News for the Bulls?<\/h2>\n

Bitcoin\u2019s price <\/span>witnessed<\/span> enhanced ups and downs in the past week, ranging from $56,000 to over $60,500. Currently, it trades at around $59,200, representing a 1% <\/span>increase on a daily scale<\/span>.<\/span><\/p>\n

<\/a>BTC Price, Source: CoinGecko<\/p>\n

Despite its wobbly performance lately, numerous industry participants believe a substantial rally could be just around the corner. The X user Satoshi Flipper <\/span>noted<\/span><\/a> BTC\u2019s recent uptick above $59K, claiming the calls for a rise to as high as $64,000 \u201care getting louder and louder.\u201d<\/span><\/p>\n

Elja (an X user with almost 700,000 followers) <\/span>envisioned<\/span><\/a> that<\/span> a \u201cmassive breakout\u201d <\/span>is<\/span> getting closer, while Mags <\/span>expects<\/span><\/a> \u201cthe biggest bull run of all time.\u201d<\/span> The latter believes BTC\u2019s price could surpass <\/span>a whopping<\/span> $325,000 per coin sometime next year.\u00a0<\/span><\/p>\n

Titan of Crypto also presented an optimistic scenario. The analyst <\/span>maintained<\/span><\/a> that the primary cryptocurrency has historically performed <\/span>quite<\/span> well whenever the Relative Strength Index (RSI) has stood at around 50. <\/span><\/p>\n

The metric measures the speed and change of price movements, ranging from 0 to 100. A ratio above 70 typically signals about overbought conditions and could be a precursor of a correction. On the other hand, readings below 30 <\/span>are considered<\/span> bullish since they suggest the asset might be overbought. Currently, the RSI is <\/span>hovering<\/span><\/a> around 55.<\/span><\/p>\n

One <\/span>important<\/span> factor that may trigger significant volatility for BTC this week is the FOMC meeting scheduled for September 18. <\/span>The US Fed is expected to lower interest rates for the first time in years, <\/span>thus make<\/span> money-borrowing easier and <\/span>boost the<\/span> investor interest in risk-on assets such as cryptocurrencies.<\/span> According<\/span><\/a> to Polymarket, the odds of a 0.5% cut are 54%, while reducing the benchmark by 0.25% stands at 46%.<\/span><\/p>\n

The Bearish Signal<\/span><\/h2>\n

Despite the overall bullish conditions, <\/span>there are some elements hinting<\/span> that BTC could experience a <\/span>pullback in the short term<\/span>.<\/span><\/p>\n

An example is the Bitcoin exchange <\/span>netflow<\/span> which has been predominantly positive in the past week with a major green candle observed on September 13.<\/span> The movement <\/span>suggests<\/span><\/a> a shift from self-custody methods toward centralized platforms and could indicate increased selling pressure.<\/span><\/p>\n

<\/a>BTC Exchange Netflow, Source: CryptoQuant<\/p>\n

\u00a0<\/span><\/p>\n

The post Bitcoin (BTC) Price Predictions: Big Bull Run or a Depressing Bear Market Ahead?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Bitcoin shows signs of a potential rally, with some analysts predicting a jump to a new all-time high. Conversely, increased exchange inflows suggest possible short-term selling pressure. Good News for the Bulls? Bitcoin\u2019s price witnessed enhanced ups and downs in the past week, ranging from $56,000 to over $60,500. Currently, it trades at around […]<\/p>\n","protected":false},"author":0,"featured_media":7537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7536"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7536"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7537"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}