There is a lot of uncertainty in the crypto markets right now, thus there are many conflicting predictions about the price of bitcoin.
However, it is worth distinguishing between them depending on the time frame.
In the short term, uncertainty reigns supreme. Right now there is no convergence at all between the various predictions regarding bitcoin price movements in the coming days.
To tell the truth, many are bearish, so there is a lot of speculation about a new descent below $30,000, or even lower.
According to CoinMarketCap‘s historical data, the lowest price of 2021 is still the one reached on 4 January at $28,700, but on 22 June the price reached $28,800, which is practically the same level.
On individual exchanges, it is possible that the price on the 22nd was even lower, but taking CoinMarketCap’s historical data, which averages across different exchanges, the picture is more general.
Among those who argue that bitcoin’s price could fall back below the psychological $30,000 mark in the coming days, many say it could even return to the June 22 low, or make new annual lows at $28,000.
However, there are also analysts who argue that a descent even lower, for example to $26,000, could be possible.
There is also speculation about a return to $20,000, but not necessarily in the short term.
20,000 is symbolic, not only because it is round, but also because it corresponds to the peak price reached in Bitcoin’s third epoch, i.e. between the second halving in July 2016 and the third in May 2020. After the 2016 halving, a massive bull run was triggered, lasting almost a year and a half, and ending right around the $20,000 mark on 17 December 2017, before beginning a long descent.
The price of BTC only returned to that figure three years later, in December 2020.
The bullish price predictions for Bitcoin
However, there are also some bullish forecasts in the short term, although often no prices are given, only bullish signals of a possible breakdown.
However, according to the Wyckoff Accumulation Pattern, the price could return to around $45,000 in the near term, after hitting the pattern’s low on 22 June.
In the medium term, bullish predictions continue to circulate, as well as bearish ones that the price could fall to $20,000.
These medium-term bullish predictions are basically based on PlanB‘s stock-to-flow model, according to which in the worst-case scenario in December 2021 the price of bitcoin could reach $135,000.
However, it should be noted that there are many different forecasts for the medium term bitcoin price trend, although perhaps slightly fewer than for the short term.
As far as the long term is concerned, the curious thing is the huge distance between bearish and bullish forecasts.
In fact, the “bears” often predict that in the long term, the price of bitcoin could even go to zero, or at least to very low figures, far lower than not only the current ones but also those of the last 10 years. The price of bitcoin has never fallen below $1 since 2012, while even in 2011 the average price at the end of the year was around $16.
However, these do not seem to be genuine predictions, based on analysis, but hypotheses based on prejudice or presumed intuition. It is worth noting that many of the long-term bearish forecasts are of this type.
On the other hand, as far as genuine bullish long-term forecasts based on analysis are concerned, the one by Tim Draper stands out, who has long argued that the price of bitcoin could reach $250,000.
Bloomberg Intelligence is also bullish, claiming that the price of bitcoin could even reach $400,000.
However, at a time of such uncertainty, with so many widely differing forecasts, it is difficult to identify a trend that can somehow bring everyone together, or at least the majority of analysts.