The forecast suggests that between May and July 2024, the market will witness a surge in volatility. Spotonchain analysts estimate a 48% chance that Bitcoin may drop below the $60,000 mark during this period.
Furthermore, experts predict a price surge in the latter half of the year, with a 63% likelihood that the value of Bitcoin will reach $100,000. Additionally, there is a 42% probability that Bitcoin will surpass $150,000 by the start of 2025.
“The forecast indicates a prevailing bullish sentiment in the market, which will be reinforced by the anticipated rate cut after the December meeting of the Federal Open Market Committee of the US Federal Reserve. This could lead to increased demand for risky assets such as stocks and Bitcoin,” the Spotonchain team anticipates.
Spotonchain representatives emphasize that their model is based on extensive data, incorporating various historical trends and factors unique to the virtual asset industry. Factors such as halvings, interest rate cycles, venture investor activity, and miners’ Bitcoin sales have all been taken into account in developing their model.
Previously, Wolfe Research analyst Rob Ginsberg noted that Bitcoin’s attempt to breach the $70,000 threshold indicated similarities between the behavior model of the leading cryptocurrency and that of small-cap company assets.