๐ Bitcoin and Ethereum in Recent Decline
Recent weeks have seen Bitcoin and Ethereum experience significant declines, sparking concerns among investors. Despite a bullish start to the year, both leading cryptocurrencies have faced considerable selling pressure in June. This has raised questions about whether the current correction presents a buying opportunity or marks the beginning of a more prolonged downturn.
๐ฎ Long-Term Outlook for Bitcoin and Ethereum
Looking ahead to 2024, the long-term outlook for Bitcoin and Ethereum remains uncertain but pivotal. The recent Bitcoin halving in April 2024 has altered supply dynamics, potentially influencing future price trajectories. However, predicting Bitcoin's price in 5 years is inherently challenging.
The approval of spot Bitcoin ETFs in the US has been a significant catalyst, initially propelling Bitcoin's price above $70,000 in Q1. Continued institutional adoption, facilitated by easier market entry, could sustain a bullish trend. Yet, regulatory scrutiny and macroeconomic factors like Federal Reserve policies on interest rates may pose challenges.
๐ Bitcoin's Near-Term Prospects
Despite recent corrections bringing Bitcoin to around $60,000 in June, analysts foresee a potential bull run pushing Bitcoin above $100,000 in 2024. Predictions range widely, with some suggesting a $1 million valuation in 5 years, while others anticipate more moderate growth.
๐ Potential Rebound in July
Bitcoin bulls recently defended the $60,000 support level, pushing the price back above $61,000 ahead of the US session. With the Relative Strength Index (RSI) recovering from oversold levels, traders are increasing long positions in anticipation of further gains.
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