- Cathie Wood’s bullish and bearish Bitcoin predictions contrast sharply, setting the stage for market speculation.
- JPMorgan strategists highlight potential crypto catalysts, with a cautious outlook on spot Ethereum ETFs’ approval.
In a recent CNBC interview, ARK Invest CEO Cathie Wood updated her predictions for Bitcoin’s future price. She presents a bullish scenario, suggesting a potential rise to $1,500,000, and a bearish forecast with a lower boundary of $250,000. These projections come amidst varying market sentiments.
Analyst Michaël van de Poppe shared his views on Twitter regarding Bitcoin’s trajectory, expecting a pre-halving peak between $54,000-58,000, followed by substantial growth in altcoins and a harsh correction thereafter.
The theory for #Bitcoin remains the same.
I’m expecting to see a top between $54,000-58,000 pre-halving.
Altcoins to run substantially and then a harsh correction. pic.twitter.com/TdFVtNFW6M
— Michaël van de Poppe (@CryptoMichNL) February 24, 2024
Over the past month, Bitcoin has been preparing for its sixth consecutive month of gains. This anticipation is intertwined with several key developments in the crypto space. JPMorgan strategists noted,
The retail interest revival in February is likely influenced by three major upcoming crypto events: the Bitcoin halving, Ethereum’s next major upgrade, and the potential SEC approval of spot Ethereum ETFs in May. While the first two events seem largely factored into current prices, the approval of Ethereum ETFs holds a 50% probability in our view.
Market analysts are divided on Bitcoin’s next move. Crypto analyst Michaël van de Poppe suggests that Bitcoin is in a consolidation phase. Prior to the Federal Open Market Committee (FOMC) meeting, BTC showed a corrective trend. Post-meeting, the market witnessed an upward bounce, indicating ongoing consolidation. Van de Poppe anticipates a period of sideways movement, suggesting that a local bottom has been reached.
#Bitcoin in a period of consolidation.
Pre-FOMC, it started to correct.
After FOMC, the upward bounce is now a continuation of the consolidation.
I think we’ve found our local bottom and will have sideways action.
Slowly but surely, altcoins to wake up. pic.twitter.com/8pvQPlQecR
— Michaël van de Poppe (@CryptoMichNL) March 21, 2024
In terms of market performance, Bitcoin has experienced a decrease of 1.15% in the last 24 hours and 3.57% over the past week, currently priced at $66,203.
