For the first time since September 2023, the price of Bitcoin (BTC) consistently closed below the daily moving average (MA) of 50, indicating possible short-term reversals. Bitcoin's short-term bearish outlook is supported by the possible weekly double top in addition to the declining divergence of the weekly Relative Strength Index (RSI).
Additionally, a recent analysis of Bitcoin miners’ on-chain activity shows accelerating selling pressure, which has dampened buying pressure coming from institutional investors. Meanwhile, the bull market for altcoins is expected to occur in the coming months to enable healthy crypto cash rotation.
Bitcoin price targets
According to a popular crypto analyst named PlanB, who developed Bitcoin's Stock-to-Flow (S2F) model, the crypto macro bear market is over and the accumulation phase has officially begun. Specifically, the crypto analyst expects Bitcoin price to fluctuate between $100,000 and $1 million during this bull cycle.
Meanwhile, PlanB suggested that Bitcoin price will consolidate in a horizontal range in the coming weeks but will not fall below $32,000 as calls for a market correction grow. A similar Bitcoin stance was expressed by a controversial crypto analyst aka Crypto Capo on the X platform.
The surprising twist
There are more reasons than ever for investors to focus on Bitcoin as an asset class. Further inflows of funds are already expected in the coming years following the recent approval of 11 spot Bitcoin ETFs in the United States.
Additionally, Bitcoin's fourth halving will occur in less than 100 days, which will reduce the annual inflation rate to less than 1 percent. Meanwhile, the US Federal Reserve has already signaled several interest rate cuts this year after inflation eased and there were no major unemployment cases.
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