Bitcoin In Flux: Bearish Trends Can’t Deter $100,000 Price Predictions, CNBC

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,699,632,427	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,699,632,427

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-4.75	-3.91%	116.83	116.93	116.99

Price Change

Price Change %

Current Price

Bid Price

Offer

-4.75

-3.91%

116.83

116.93

116.99

High Price	Low Price	Open Price	Prev. Close	52 Week Range
122.41	116.62	121.76	121.58	50.05 - 171.69

High Price

Low Price

Open Price

Prev. Close

52 Week Range

122.41

116.62

121.76

121.58

50.05 - 171.69

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:33:27	0.173000	116.83	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:33:27

0.173000

116.83

USD

Price x Volume	Volume	Base Symbol	Related Pairs
570,672.89	4,744.77	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

570,672.89

4,744.77

Bitcoin In Flux: Bearish Trends Can’t Deter $100,000 Price Predictions, CNBC

04/10/2024 8:43pm

NEWSBTC

Following a volatile week, Bitcoin (BTC) has once again captured the attention of investors as it fluctuates between bearish and bullish sentiments. Earlier this week, the leading cryptocurrency retracted to the $59,800 mark after reaching a two-month high of $66,500 at the end of the previous week. Despite these fluctuations, analysts express confidence that Bitcoin could reach new records by year’s end. Could Bitcoin Prices Rise As Year-End Approaches? As noted in a recent CNBC report, a recent resurgence in demand for Bitcoin exchange-traded funds (ETFs) offers a glimmer of hope for the cryptocurrency’s price in the medium term. Related Reading: XRP Macro Charts Signal Explosive Bullish Move Despite SEC Appeal: Analyst However, demand for BTC remains stagnant and needs a significant boost to facilitate any upward movement in its price. John Todaro, a crypto analyst at Needham, emphasized that a significant weekly buying demand is essential for a significant price increase. He told CNBC: Bitcoin’s overall market cap is very large now, at $1.2 trillion, and there is considerable liquidity. While there is a lot of buying volume, there are also a lot of sellers. Recent data from CryptoQuant also reveals a shift in Bitcoin ETF activity. After net selling 5,000 BTC on September 2, Bitcoin ETFs net purchased 7,000 BTC by the end of September, marking the highest daily purchase since July 21. Analysts believe that if this upward trend continues, it could help drive Bitcoin prices higher as the year progresses. Moreover, the fourth quarters of previous Halving cycles have historically been promising for BTC, with surges of 9%, 59% and 171% in 2012, 2016 and 2020 respectively. Interest Rate Cuts And Global Tensions Several factors have contributed to the current volatile price action, and there is hope for a further recovery for the leading digital asset. As highlighted by CNBC, the stock market has hit new highs, and both US presidential candidates have commented positively about cryptocurrencies. Furthermore, the Federal Reserve’s (Fed) decision to cut interest rates on September 18 and a series of rate cuts announced by China’s central bank have created an environment that could be favorable for Bitcoin. Related Reading: Analyst Says PEPE Bearish Continuation Is Possible For A 50% Price Crash While Bitcoin appears poised for a bullish fourth quarter, it still faces challenges, including a supply overhang stemming from US and German government actions and impending repayments to creditors from the Mt. Gox exchange. In addition, CNBC claims that many traders are taking a wait-and-see approach to the outcome of the upcoming US presidential election, which will take place in less than two months, and there are rising tensions in the Middle East between Israel and Iran. At the time of writing, BTC has climbed above the $62,380 mark, gaining 2.6% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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