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Analysts claim that the rise in the price of Bitcoin has reached a crossroads.
Cryptocurrency analyst Rose Premium Signal, who owns account X, revealed that the path of the Bitcoin price stands at a pivotal crossroads, where it may mimic the 2013-2017 bull run or the bearish trend of 2021. This comes at a time when Bitcoin is halfway through its journey, specifically the most critical point for this asset.
It is worth mentioning that the halving of Bitcoin's value is a major event in the cryptocurrency market, which is often followed by a sharp increase after a long period of time. However, the journey may vary depending on different overall economic events and technical factors. Between 2013 and 2017, Bitcoin experienced a strong rise. It witnessed huge gains, and investors made significant profits at that time.
However, in 2021, the cycle was the beginning of a correction despite moving below the half-bitcoin cycle. Because of this, the question arises as to whether the price of Bitcoin will rise or correct in the future.
Bitcoin Price Forecast: Rise or Correction in the Future?
When closely monitoring the Bitcoin price chart, we find some similarities between the current cycle and the 2013-2017 cycle, indicating the possibility of upward trends. However, overall economic events and other factors may cause disruptions, altering the upward trajectory.
Many cryptocurrency experts mention a key driver that influences the performance of assets in predicting the price of Bitcoin. The same applies to the current situation at the crossroads, where bullish catalysts such as increased institutional demand, Bitcoin reserves formation, and so on, can push Bitcoin higher in 2017.
How is Bitcoin performing today?
After its shallow decline to $92.5 thousand with the collapse of the cryptocurrency market, Bitcoin has made a significant recovery. However, it has significantly dropped from its peak at $109.1 thousand, currently trading at $98.5 thousand after a 7% decline during the week. Interestingly, the symbol has seen a significant increase due to a social media post by Donald Trump's son, Eric Trump, hinting at a potential Bitcoin allocation in the portfolio.
In X, Eric wrote, "It seems like the right time to enter the Bitcoin market," which was cryptic, but experts linked it to World Liberty Financial's rapid purchase. The Trump family's involvement with Bitcoin has been a bullish factor, so this may lead to further recovery.
Most importantly, long-term expectations still appear optimistic. Experts like Jeffrey Kendrick of Standard Chartered and Deep Cik expect the price of Bitcoin to reach $500,000 by 2028. Kendrick claims that increased investor participation and reduced volatility will fuel this rise. The success of the Bitcoin exchange-traded fund and institutional demand also support this expectation.
Bitcoin stands at a major crossroads in its development, where it may rise like the period of 2013-2017 or collapse like the post-halving period in 2021. Currently, the leading cryptocurrency is experiencing high volatility, and its rise or further correction could change the entire course. According to Rose's analysis, the current price behavior of Bitcoin resembles the period of 2013-2017, indicating an upcoming rise. However, the shift in overall economic trends and investor sentiment may bring a different outlook.