Bitcoin's price could retrace to as low as $63,000 to clear out leveraged buyers who entered the market after BTC's recent rally. Several top crypto analysts have shared insights on this possibility, pointing to market conditions that could lead to such a pullback. Here are the key highlights:

📊 Key Insights & Predictions

Justin Bennett's Prediction:

➔ Analyst Justin Bennett warns that Bitcoin could dip to $63,000 to wipe out over-leveraged buyers following its recent surge.

➔ His analysis shows a rising wedge with bearish divergence, indicating a potential pullback.

➔ BTC’s recent pump was driven by the perpetual market, which Bennett suggests is not conducive for a sustainable breakout.

CrediBULL Crypto’s Warning:

➔ The Open Interest (OI) in Bitcoin has reached dangerous levels similar to those seen before the drop from $70,000 to $49,000.

➔ This spike in OI is a sign that a correction could be imminent, potentially pushing Bitcoin to $50,000 before a new all-time high (ATH).

Crypto Con's Bullish Outlook:

➔ Despite the possibility of short-term corrections, CryptoCon believes this could be the last leg of the bull run.

➔ BTC is unlikely to dip below $40,000 again, with new ATHs and a “year of great price action” expected for crypto.

➔ He predicts that Bitcoin could reach $120,000 next year, marking the top of the current cycle.

🏛 Bullish Expectations Amid Short-term Corrections

Matt Hougan's Short-term Target:

➔ Bitwise CIO Matt Hougan is confident Bitcoin will reach a new ATH before the US election, driven by factors such as the Spot Bitcoin ETFs, rate cuts, and growing whale demand.

Standard Chartered’s Forecast:

➔ Standard Chartered projects that Bitcoin will surpass $73,000 before the November 2024 elections.

🔼 Long-term Price Predictions

Real Vision's Jamie Coutts:

➔ Predicts Bitcoin could hit $110,000 between April and July 2025 as the global money supply increases to $500 trillion.

Six-Figure Targets:

➔ Both Hougan and other analysts foresee six-figure Bitcoin prices, driven by macroeconomic factors and institutional interest.

đŸ”„ Conclusion:

The Bitcoin market remains highly volatile, with short-term retracements like a potential drop to $63,000 being part of the broader trajectory toward new all-time highs. Whether the dip materializes or not, experts agree that the long-term outlook remains bullish, with predictions of Bitcoin surpassing $100,000 in the coming years.

Stay vigilant and prepared as the bull market heats up!

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