Has Bitcoin Price Reached Its Cycle Top? Expert Predicts $30k Bottom!

Bitcoin Stalls at $61K: While European Equities Rally, BoE Hints at Summer Rate Cut

Bitcoin price fell 3% and could have its first down month since August 2023.
Some analysts believe Bitcoin may have reached its peak for this cycle and could drop to $30,000.
Other analysts are more bullish, predicting Bitcoin could reach $210,000 this cycle, but then fall to $83,000 in the next bear market.

Bitcoin, the king of the cryptocurrency world, closed last week on a gloomy note, hinting at its potential first non-performing month since August 2023. The flagship coin slipped by 3 percent over the past 24 hours, settling around $62,227 as Monday’s early London session unfolded. With April winding down, marked by the fourth Bitcoin halving, signs point to turbulent days ahead.

Adding to the unease, more crypto traders are taking a cautious stance, preferring to watch from the sidelines. The impending May 1, 2024, Federal Open Market Committee (FOMC) statement and the release of the federal funds rate further contribute to the atmosphere of uncertainty.

Peter Brandt Weighs In

In the midst of this uncertainty, legendary trader Peter Brandt offers insights into Bitcoin’s trajectory. Brandt suggests there’s a 25 percent chance that the recent high of $74,000 marks the peak of Bitcoin’s current cycle. He points to Bitcoin’s price evolution, suggesting a descent into a new bear season, with Bitcoin potentially dropping to $30,000.

Note that I assigned a 25% probability to my analysis. I give more credence to a report I issued in February. Here is a chart from that analysis — projecting a bull market until Sep/Oct 2025 https://t.co/hiSogUtEkt pic.twitter.com/Y5I8g5JWwa
— Peter Brandt (@PeterLBrandt) April 29, 2024

However, Brandt remains firm in his earlier prediction of Bitcoin surpassing $100,000 within this bullish cycle.

Similarly, Giovanni Santostasi, a seasoned Bitcoin investor with a Ph.D. in Astrophysics, echoes a bold prophecy.

Bold Predictions Echo All Around

In a recent Medium post, Giovanni projects Bitcoin’s potential to reach $210,000 based on various scientific models. However, Giovanni also foresees a subsequent drop, with Bitcoin’s value potentially plunging to $83,000 in the next major bear market.

Will May bring the hammer blow or a shower of gold for Bitcoin? Only time will tell. Buck up!

Also Check Out : Bitcoin (BTC), Ethereum (ETH) and Solana(SOL) Price Prediction For This Week