"BTC, following past patterns, rising in the second half"
"The open market interest rate will create a sideways movement"
);)
Some experts have begun to forecast optimism for Bitcoin, predicting that Bitcoin will undergo a brief correction and then continue its rally in the second half of the year.
Renowned cryptocurrency analyst Rack Capital predicted on the 24th on his X account that Bitcoin is about to experience a rally following the Bitcoin upward pattern following past halvings.
“Bitcoin has shown a breakout trend approximately 154 to 161 days after past halvings,” explained Rack Capital. “Considering that this year’s Bitcoin halving occurred approximately 157 days ago on April 20, it appears that Bitcoin is about to breakout.”
He continued, "History doesn't always repeat itself, but if the Bitcoin halving formula repeats itself this time, Bitcoin will be out of its reaccumulation range this week."
Bitcoin analyst Luke Broyles also claimed that Bitcoin could reach $100,000 in this bull market, citing past patterns. The example Broyles cited was Bitcoin’s price increase due to high inflation in 2021.
On the 23rd, he predicted on his X account, "The cumulative inflation rate in the United States in 2021 recorded about 16.2%, and Bitcoin, originally worth $69,000, recorded $80,000." He added, "The U.S. Federal Reserve (Fed) will print a lot of currency over the next 6 to 18 months under the pretext of lowering interest rates, and the price of Bitcoin will record about $95,000 as a result."
On the other hand, there is also pessimism in predicting the direction of Bitcoin. There is an opinion that the outstanding contracts deposited in the Bitcoin futures market could be the trigger.
Bitfinex, in its own report published on the 24th, pointed out that the recent Bitcoin rally is a rally driven by the Bitcoin futures market, and that the price of Bitcoin may move sideways for a long period of time due to high open interest.
Open interest refers to the amount that can be used to settle transactions in the derivatives market, such as futures or options contracts.
Bitfinex explained that "the recent market rally is being driven by futures trading," and that "high open interest, which has reached $19.43 billion, could create significant volatility in the market."
He continued, "If a large-scale liquidation occurs through open positions, Bitcoin could move sideways at $63,500 for a long time."
Reporter Kwon Seung-won ksw@
