According to the latest reports, it seems that Bitcoin’s price could drop, and this means that we might have a new opportunity for buying more coins. Check out the latest reports about this below.
Bitcoin new price prediction and opportunities
A crypto trader with a large following has issued a warning to Bitcoin (BTC) investors as the flagship crypto asset struggles to break through a significant resistance level.
Bluntz, an analyst who posts under a pseudonym on the social media platform X, had cautioned his 224,000 followers that BTC may experience a substantial correction similar to what occurred in 2017, when the currency experienced a pullback of more than 80% from its high.
Bluntz notes that if BTC continues to struggle without bouncing back, a significant macro pullback similar to what happened in 2019 could be on the horizon.
Despite the possibility of a steep correction, the analyst suggests that BTC may first experience a rally before any significant downturn.
“Definitely would not be surprised to see us take out those $30,200 highs first though, seems more logical than any breakdown from here.”
Bitcoin is trading at $26,559 at the time of writing.
Bluntz also addressed two altcoins, VeChain (VET) and Hedera (HBAR), that show potential for an upside move if BTC plays ball.
“Bunch of random coins that I thought were dead starting to look good here.
VeChain looking close and Hedera coming in hot with a solid breakout.”
In other news, let’s address the state of Bitcoin. The next Bitcoin halving, scheduled for April 2024, is expected to cause a BTC supply crisis according to crypto analyst Josh Rager.
Despite any rejections of BTC exchange-traded fund proposals by regulators, Rager believes that Bitcoin will experience another bull run.
The halving, which reduces BTC miners’ rewards by half, will create a supply issue that will push Bitcoin into bullish territory next year, even without the assistance of a spot-based ETF.
