There is a new prediciton about the price of Bitcoin these days. Check out the latest reports about this below.
Bitcoin’s new price prediction is out
An analyst who accurately predicted the end of Bitcoin’s 2021 bull market is forecasting a significant rise for the cryptocurrency, but only after a dip in price.
This analyst, known as Pentoshi on Twitter and followed by over 697,700 people, predicts that Bitcoin may fall to $28,000 after failing to maintain a price above $31,000.
“If BTC falls back into the range we just spent two weeks in, then will look for it to eventually go back down towards $28,000 and treat it as a deviation.”
According to the trader, a correction below $30,000 will likely be short-lived as he expects Bitcoin to eventually regain its bullish momentum and rally to a fresh 2023 high.
“And then from $28,000 to $40,000.”
The trader also made sure to state the fact that although he’s predicting a Bitcoin pullback, the larger trend remains bullish for the crypto king.
“Will add some back lower in hopes of compounding. I expect there to be some level of mean reversion with emotions high and people capitulating. But I don’t think we are quite done yet. The trend, for now, remains up. Dip buying continues to work until it doesn’t…”
He continued and said the following:
“Think the goal is to get net long (if you’re sidelined) on dips down to where discussed. It’s also a great invalidation point and a cheap area if wrong.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $30,330.
Upcoming Bitcoin halving
The upcoming Bitcoin halving event will form a crucial test for miners as they navigate reduced rewards and increased production costs, according to JPMorgan.
“Miners with lower electricity costs would find it easier to cope after the halving event, while miners with higher electricity costs could struggle post halving event,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a report on Thursday. Put simply, the halving event will determine miners’ ability to adapt and remain profitable in a changing environment.”
