Another Bitcoin Rally To Begin? Analyst Explains What Will Happen Next

Bitcoin was trading at $16,500 at the beginning of January 2023 but skyrocketed thereon reaching an all-time high of $73,737 in mid-March 2024. The surge in price came after the SEC approved Bitcoin ETFs allowing several trillion-dollar asset managers to trade the cryptocurrency.

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The development coincided with the Bitcoin halving event in April leading to BTC shooting up further in price. The last five months saw the king cryptocurrency climb up the charts delivering massive profits to investors.

However, BTC retraced in price after the halving event and is now trading around the $62,000 range. Will Bitcoin dip or kick-start another bull rally in the coming days? In this article, we will highlight which direction BTC could move in the next cycle.

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Bitcoin Bull Rally Incoming?

The price drop has investors questioning if the cryptocurrency market will enter bear territory. Cryptocurrency analyst Marco Johanning provided his insights that Bitcoin could surge in price after a brief dip. Johanning explained that the market is not under bearish grips but remains in bullish territory with slight corrections in sight.

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“This can’t be a bear market,” Johanning explained. “These elements underscore a fundamental bias crucial for assuming that the current drop is part of a broader bull market trend. Therefore, Bitcoin will eventually find a local bottom and ascend higher,” he wrote on Twitter.

The prediction comes at a time when a handful of analysts are giving bold price forecasts for BTC. Even leading banks like Standard Chartered, among others have predicted that Bitcoin could breach the $100,000 level in a year. ARK Invest’s Cathie Wood has been repeatedly proclaiming that BTC will eventually touch a target of $1 million by 2030.

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At press time, BTC was trading around the $62,387 mark and is down nearly 2% in the 24-hours day trade. It is also down close to 16% from its all-time high of $73,737.