Cryptocurrencies have had an impressive performance in the first quarter of the year and are currently going through a consolidation phase. Bitcoin (BTC) has seen rapid gains and losses, but now appears to be less eager to reach new highs. Various popular analysts have different predictions for the future.
Will Cryptocurrencies Increase?
Renowned cryptocurrency analyst Checkmate has shared his predictions on Bitcoin’s current market cycle. Previous cycles have provided different assessments from analysts. These cycles have been the most promising indicator for this year, and expectations for a new all-time high (ATH) have been strengthened based on the performance of the past four years.
The news flow also supports the optimistic scenario expected in 2024. Checkmate now suggests that, based on previous cycles, Bitcoin is likely to be in a six-month period of “chopsolidation” – a consolidation period with no significant change in trend.
For the short and medium term, we may not witness a significant rise in cryptocurrencies. Although there may be some exceptional increases, prices will likely remain within a narrower range.
Expert Commentary on Cryptocurrencies
According to Checkmate, after a lackluster six-month period, we should expect parabolic rallies within the next 6-12 months. This indicates that investors could experience positive outcomes between September and November 2024, as well as the first quarter of 2025.
While some experts believe that BTC’s price has already reached its peak, Checkmate argues that such a scenario would deviate significantly from Bitcoin’s past market cycles.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
