FX.co ★ BTC’s stunning rally around corner

Nowadays, the crypto market is overwhelmed by an astonishing state somewhere between frenzy and euphoria. Some analysts claim that Bitcoin is on the brink of profound transformation. According to Julien Bittel, an expert at the consulting company Global Macro Investor, the flagship cryptocurrency will soon enter the so-called "madness zone" and then "go off the rails."

The current situation preceding these changes is driven by the Bitcoin halving. "Before the reward halving, there was a massive pump, followed by a short-term and fairly strong correction. After these transformations, Bitcoin entered the stage of wild price fluctuations, followed by the final dump. As a result, bullish sentiment was wrecked. In the near future, after a dull trading period, the BTC price will start rising again. Right now, we are in the “boring zone”, but the “madness zone” is ahead of us," Julien Bittel sums up.

The analyst compared the current situation to the halving that took place on the Bitcoin network in 2016. He concluded that the low volatility for Bitcoin (the “boring zone”) will persist until the end of July. However, by the end of summer, in August, the number one cryptocurrency will click into gear as the market will go nuts and enter the “banana zone.”

Subsequently, during a powerful pump that will last until the end of February 2025, BTC will rally to $180,000.

This viewpoint is shared by an analyst from CryptoQuant, operating under the pseudonym IT Tech. He attributes the recent Bitcoin decline to a decrease in miner income, forcing them to sell more digital assets, as well as a shortage of stablecoins. The recent capital outflow from Bitcoin ETFs added fuel to the fire. According to the expert, the revival of the bullish trend in the crypto market is possible when these factors take the back seat. "For a bullish run to start, miners need to stop selling coins, stablecoin issuers need to release more tokens, and investors need to start reinvesting in Bitcoin ETFs," the expert concludes.