Bitcoin's Near-Term Outlook: Expert Opinions

Expert Analysis on Bitcoin's Price Movements

Financial experts have closely examined Bitcoin's price fluctuations and have offered their insights on what the near future might hold for the world's first cryptocurrency.

"Movements Within a Range" - Market Analyst Victor Pershikov

The recent price movements of Bitcoin don't appear to have any fundamental justification. It seems like the asset, amidst low liquidity and a declining market capitalization, is merely changing hands between different groups of investors, effectively forming a range that initially emerged back in late March. The lower boundary of this range, set at $25,000, has repeatedly served as significant support. Going below this level would be unpleasant for many players, especially miners, and it's evident that this level is being "defended."

I anticipated a lack of significant price changes in September, and I continue to believe that we'll witness continued range-bound movements in the $24,000 to $31,000 range. It will only be in the fourth quarter that we can discuss more substantial and deliberate movements. Investors are closely watching for signals from the Federal Reserve, both at the end of September and the November FOMC meeting. These events could inject volatility into the market. As of now, market volatility is purely nominal and is within capitulation bounds.

"Following the Market" - Head of the AMarket Analytical Department, Artem Deev

Lately, Bitcoin has been closely following the overall market trends. It has been influenced by various factors, but the overarching situation is that the global economy isn't growing. Since cryptocurrency is a speculative asset, its primary value lies in safeguarding investments. However, in times of stagnation, Bitcoin doesn't even serve as a typical defensive asset. Moreover, the majority of cryptocurrency market players are private investors, and they closely monitor the actions of major players, readily adjusting their positions. Nevertheless, I believe that September may see the market favoring buyers.

The analysts' predictions have proven accurate, with Bitcoin closing the first half of the year around $30,000. Additionally, with the Bitcoin halving expected in the spring of 2024, the cryptocurrency is likely to appreciate as the event approaches. This appreciation could also extend to other cryptocurrencies.

Furthermore, as the investment bank JPMorgan has lowered its estimate of the cost of mining one Bitcoin to $18,000, I believe that the short-term outlook for the leading cryptocurrency is quite positive.