Bitcoin Predictions Split as Hopes Rise for New All-Time High

NEW YORK, NY — A recent poll on X revealed a divided outlook on Bitcoin‘s future, with half of respondents predicting the cryptocurrency will soar to $114,000, while the other half anticipate a drop below $100,000. This survey conducted by analyst Matthew Hyland gathered over 1,300 votes.

Currently trading at $104,522, Bitcoin’s potential drop to $94,000 would signify a 10% decline. Conversely, a surge to $114,000 would mark an approximately 9% gain and set a new record, surpassing the previous peak of $111,940 reached on May 22, according to CoinMarketCap.

Bitcoin last hit the $94,000 mark on May 6, shortly before rebounding over $100,000 on May 8. Following a brief rise to $110,000 on June 11, Bitcoin’s value fell to $103,000 amid escalating geopolitical tensions sparked by Israel‘s military operations.

The increased anxieties surrounding these events have affected crypto market sentiments. As of June 20, the Crypto Fear & Greed Index shifted from “Greed” back to “Neutral,” posting a score of 54 out of 100.

Despite this uncertainty, U.S.-based spot Bitcoin exchange-traded funds have seen significant inflows, totaling $388.3 million during recent capital influxes. Analyst Michael Saylor has expressed caution about Bitcoin’s future; however, other experts remain optimistic. Crypto trader Rekt Capital stated, “It’s very likely one will occur after this Bull Market.”

With Bitcoin’s open interest showing signs of decline and a “liquidation exhaustion” phase beginning, analysts believe the cryptocurrency could be positioned for another all-time high. According to CryptoQuant, the divergence between Bitcoin’s price and Binance’s open interest signals a noteworthy change in market dynamics.

“The macroeconomic signal often acts as a tailwind for risk-on assets like Bitcoin,” noted CryptoQuant analyst Amr Taha. He added that historically, Bitcoin has showcased bullish tendencies following periods of rate stabilization.

As market watchers keep an eye on Bitcoin’s price movement, it remains to be seen if upcoming trends will push Bitcoin beyond its current range. Cointelegraph predicts Bitcoin could move out of its narrow price range, potentially leading to another price discovery phase by the end of the month.