The value of Bitcoin (BTC), the flagship cryptocurrency, has been a topic of intense debate among industry experts.
With predictions ranging from a significant drop below $20,000 to a bullish market, the Crypto.ru editorial team interviewed several industry professionals to gain insights into the future of digital gold.
Dmitry Noskov, an expert at the StormGain crypto exchange, notes that Bitcoin’s price currently hovers around $27,000 and struggles to reclaim the $30,000 mark.
However, Noskov highlights several positive factors influencing the cryptocurrency market.
One such factor is the US Federal Reserve’s policy of raising interest rates, with the regulator having raised it for the 10th time in May by 0.25 percentage points, resulting in a rate of 5-5.25% per annum.
Noskov also emphasizes the bankruptcy of large banks in the United States and the upcoming Bitcoin halving in 2024 as significant contributors.
The halving process typically precedes a surge in the BTC price, with Bitcoin’s value traditionally increasing approximately six months before the event and then starting to decline. Noskov predicts that by the end of this summer, Bitcoin could experience a rise to at least $32,000 – $35,000.
On the other hand, Milana Valmont, a specialist in blockchain and artificial intelligence (AI) and the founder of KIRA Network, suggests that the BTC market may experience a period of stagnation during the summer.
Valmont attributes this relative calm between June and August to seasonal factors, as many traders and investors prefer to take a break during this time and review their strategies. Valmont anticipates a correction and a temporary decrease in Bitcoin’s price to around $25,000.
Valmont goes on to explain that with the arrival of autumn, a new round of growth is expected for Bitcoin. This resurgence is driven by renewed activity in the market and upcoming news and events that could impact demand.
The expert speculates that the introduction of new investors, the launch of significant projects, and the implementation of new industry regulations may contribute to cryptocurrency adoption and serve as catalysts for the growth of Bitcoin’s value.
While the future value of Bitcoin remains uncertain, these insights from industry experts shed light on the potential trajectories for the cryptocurrency during the summer months.
Investors and enthusiasts alike will be closely monitoring the market to see how these predictions unfold and whether Bitcoin will experience a significant rise, a period of stagnation, or unforeseen fluctuations.