Bitcoin (BTC) Price Predictions: Will the Market Mirror the Stock Market\'s Bull Run?

Bitcoin (BTC) has been striving to reclaim the support level of around $56,000. However, fear of further declines has driven the total digital asset valuation down by approximately 3.3 percent in the past 24 hours.

Bitcoin price has been attempting to recover from a major drop last week, but overall sentiment remains pessimistic due to a lack of major crypto events.

However, many analysts are optimistic that crypto will follow the stock market's bull run later this year, with Bitcoin potentially breaking $50k by October.

Bitcoin is currently in a correction phase, but increased institutional adoption and potential interest rate cuts could help the coin rebound.

After a major crypto capitulation last week, Bitcoin (BTC) has been struggling to reclaim the support level of around $56,000. However, fear of further declines pushed the total digital asset valuation down by about 3.3 percent in the past 24 hours, reaching approximately $2.14 trillion early Monday.

In the short term, the lack of significant crypto events has caused overall market pessimism to amplify.

Many analysts believe that the crypto industry will follow the major stock indexes’ bull run as the year progresses. Moreover, more miners are expected to resume operations after pausing recently to update their rigs. The impact of the fourth halving event will also become clearer as institutional investors continue to adopt Bitcoin and other digital assets.

Continue reading to find out what analysts are predicting for the rest of the year, and whether Bitcoin can break free from its current struggle.

Expert Predictions on Bitcoin’s Future

Timothy Peterson, a veteran Bitcoin analyst and economist, predicts that bullish sentiment will probably return in the fourth quarter of 2024. According to Peterson, if Bitcoin closes July above $50,000, there’s a good chance it will remain above this level by October.

After a -25% drawdown from ATH, there is a 60% chance #Bitcoin will be higher in 3 months. There's a 25% chance of a new ATH.

There's even a +10% chance it could reach $100K in that time. pic.twitter.com/ZiB37uK0Xe

Statistically, Peterson suggests a 60 percent chance that Bitcoin will trade higher from its current level three months after a 25 percent drawdown from its all-time high. In contrast, he notes a 25 percent chance that Bitcoin will reach a new all-time high within the same period.

Understanding the Market Impact

Bitcoin’s price has been stuck in its largest correction phase following major gains since the start of last year. The mainstream adoption of Web3 protocols and digital assets, driven by institutional investors, has significantly boosted overall crypto liquidity and bullish sentiments.

It’s Starting to Look Bullish!

The likelihood of a bullish continuation later this year, amid the U.S. general election and anticipated interest rate cuts, remains relatively high. As the market navigates these developments, the future of Bitcoin and the broader crypto market continues to capture the attention of investors and analysts.

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