CandleFocus The latest forecasts on the price of Bitcoin in USD
2024-09-09
Author: Content Editor
The article discusses the varying predictions and hypotheses about the future price trend of Bitcoin in USD. In the short term, some analysts believe that the period of decline might continue, while others think that the decline may have stopped. The sentiment remains low, and many believe that further declines are possible. However, if Bitcoin manages to close above $55,300, it could signal a potential end to the current bearish phase. In the medium to long term, there are those who predict a return to $70,000 and even new all-time highs by the end of the year. Some speculate that a new bull run could start in autumn and last until 2025. The article highlights the historical correlation between Bitcoin's halving cycles and US presidential elections, suggesting that the upcoming elections in November could impact Bitcoin's price. The long-term trend of Bitcoin's price is often inversely correlated with the value of the US dollar. The article concludes by stating that while Bitcoin's halving cycles are predictable, the depreciation of the US dollar and the correlation between Bitcoin and the Dollar Index are less predictable.
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