 ▲ Bitcoin bulls vs bears ©Coin Leaders |
Bitcoin (BTC) recently traded around $61,000, down about 17% from its all-time high.
Experts are presenting various scenarios for the future of Bitcoin.
EMC Labs analyzed that Bitcoin's mid-term correction has ended through recent selling and the decline in the fear and greed index.
On the other hand, Coinness' Mignolet mentioned changes in indicators suggesting the possibility of a V-shaped rebound even though the price is currently trending sideways.
According to a Bitfinex report, a decline in Bitcoin open interest (OI) on the Chicago Mercantile Exchange (CME) could signal a trend reversal.
This predicts volatility in the Bitcoin market along with a decrease in OI of the entire futures trading platform.
Darryl Ho, senior investment analyst at DBS, Singapore's largest bank, expected Bitcoin to trend sideways in the second half of the year and emphasized a long-term approach.
However, Markus Thielen of 10X Research warned that a further decline in Bitcoin is possible considering several macro factors and the oversold state of the market.
Meanwhile, Forbes, citing several analysts, predicted that if Bitcoin falls below $60,000, the next support level will be between $55,000 and $58,000.
Daily issue analyst Dave the Wave predicted that Bitcoin could fall to $50,000, which is the Fibonacci 0.382 range, but that this range would be a strong buying area.
As such, the Bitcoin market is still in a state of uncertainty and opportunity. Investors will likely need to make careful decisions by referring to various expert opinions.
