(Kitco News) – Bitcoin (BTC) bulls looked to make up lost ground in early trading on Wednesday following Tuesday’s dip below $66,000, which came as fears around the distribution of the Mt. Gox Bitcoins prompted some traders to exit their positions.
BTC/USD Chart by TradingView
Approximately 40% of the Bitcoin owed to Mt. Gox creditors has now been distributed, according to data from CryptoQuant. Thus far, most recipients have elected to HODL their Bitcoin as it’s widely expected to rally above $100,000 before the end of 2025.
According to the latest Bitcoin Price Prediction Report from Finder, which included responses from a panel of 32 crypto and fintech specialists, “On average, [the] panelists think Bitcoin will be worth $87,169 by the end of 2024. Looking further ahead, they see the price of BTC rising to $127,494 by year-end 2025 and $383,514 by the close of 2030.”
“Bitcoin's current price is consolidating after reaching its 2021 peak resistance,” said Ben Ritchie, managing director of Alpha Node. “We anticipate that the longer this consolidation phase, the higher the probability becomes of breaking through this resistance and reaching new highs. This would be consistent with its historical four-year cycle.”
"Despite four weeks of consecutive declines and a bit of a downtrend after the March peak, there is still a bull market in Bitcoin,” said Alex Kuptsikevich, senior market analyst at FxPro. “Investors need to accept that there is a lot of hot supply after the halving due to selling by German and US authorities and fears of Mt Gox creditors selling. But after this sell-off is over, we will see demand continue to grow amid limited supply.”
Kuptsikevich warned that in the short term, Bitcoin could fall to a low of $38,300, but said he expects a quick turnaround that will see BTC hit $80,000 by the end of 2024.
A slight majority of the panel (55%) said now is a good time to buy Bitcoin, while 32% said it's a good time to hold the asset, and 13% said it's time to sell.
“Bitcoin is poised to continue an upward trajectory due to several factors historically contributing to upward pressure on its price,” said Nicole DeCicco, CEO at CryptoConsultz. “The influx of institutional investors entering the market, facilitated by the availability of Exchange-Traded Products (ETPs) like Bitcoin ETFs, should significantly increase demand for Bitcoin.”
Kimberly Rosales, CEO of ChainMyne, also thinks it's a good time to buy. “Bitcoin's recent price dip is viewed as temporary, with expectations of a rally to $100,000 driven by strong fundamentals despite factors like Mt. Gox repayments affecting the market,” she said. “The BTC Fear and Greed Index entering ‘fear’ territory signals a potential buying opportunity for investors and hints at a possible price rebound, supported by optimistic predictions and market dynamics.”
And Mitesh Shah, founder and CEO of Omnia Markets, Inc., said that Bitcoin is currently underpriced and is due for a rally.
"Bitcoin's current price may not fully reflect its long-term value due to factors like increased institutional adoption and growing recognition as a hedge against inflation,” Shah told Finder. “On-chain data reveals a significant decrease in Bitcoin supply on exchanges, indicating strong investor confidence and a potential supply shortage. Additionally, historical patterns show that Bitcoin tends to experience significant price rallies towards the end of the year, further supporting the likelihood of an upward trend in the coming months.”
The predictions from Fidner’s panel of experts align with how Rich Dad Poor Dad author Robert Kiyosaki sees things playing out for Bitcoin, especially if Donald Trump wins his re-election bid for President.
“Why GOLD, SILVER, BITCOIN will rise in price when TRUMP becomes President again,” Kiyosaki tweeted on Monday. “Trump wants a weaker dollar so America will begin export more than import. With a weaker dollar jobs will come back and assets will go up in price.”
“Trump is going to drill, drill, drill for oil and the price of oil will come down,” he added. “Biden did the exact opposite. His first act was to kill the Keystone XL pipeline. When Biden killed the Keystone pipeline the price of oil jumped from $30 a barrel to $130 a barrel. High oil prices caused massive inflation wiping out the poor and middle class.”
“Then Biden had to tap into America's oil reserves because America did not have enough oil. Biden is an idiot,” Kiyosaki said. “Trump will Make America Great Again. He will ‘Drill baby drill.’ A weaker dollar will increase exports, create jobs, open new factories and make gold, silver, Bitcoin, stocks, and real estate, rise in price.”
“I predict gold will rise from $2,400 an ounce to $3,300; silver from $29.00 an ounce to $79.00; and Bitcoin from $67,400 per coin to $105,000 by August 2025,” he concluded. “Let’s help President Trump: ‘Make America Rich Again.’”
At the time of writing, Bitcoin trades at $66,419, a decrease of 0.12% on the 24-hour chart.
