Cryptocurrencies have had an impressive performance in the first quarter of the year, but are now in a period of consolidation. Bitcoin (BTC) has seen rapid gains and losses, but it appears to be less eager to reach higher levels at the moment. Analysts have different predictions for the upcoming period.
Will Cryptocurrencies Increase?
Renowned cryptocurrency analyst Checkmate has shared his predictions for the current market cycle of Bitcoin. Previous cycles have provided different assessments from analysts, but they have been the most promising indicators for this year. Based on the performance of the past four years, expectations for a new all-time high (ATH) have strengthened.
The news flow also supports an optimistic scenario for 2024. Checkmate now suggests that Bitcoin is likely to go through a six-month period of “chopsolidation,” which means a period of consolidation without a real change in trend.
In the short and medium term, we may not see a significant rise in cryptocurrencies. While there may be some exceptional increases, prices are expected to remain within a narrower range.
Expert Commentary on Cryptocurrencies
According to the analyst, after a quiet six-month period, we can expect parabolic rallies to occur between 6 and 12 months. This indicates that investors may experience positive outcomes between September and November 2024, as well as in the first quarter of 2025.
While some experts believe that BTC’s price has already reached its peak, Checkmate argues that this scenario would be a significant deviation from BTC’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.